FOXO Technologies Announces Appointment of Capital Markets Veteran Francis Colt deWolf to the Board of Directors
January 25 2024 - 5:00PM
Business Wire
FOXO Technologies Inc. (NYSE American: FOXO) (the
“Company”), today announced the appointment of Francis Colt deWolf
to the Company’s Board of Directors.
Mr. deWolf III brings over 20 years of experience in the
financial services Sector. He currently serves as President of Colt
Capital LLC, a Florida-based company, whose principal activities
focus on advising emerging market companies on private and public
financing strategies. Prior to founding Colt Capital LLC, Mr.
deWolf was a Senior Vice President at Oppenheimer and Company,
where he oversaw a variety of financing activities. Mr. deWolf also
served as Vice President at Prudential Securities and as a bond
broker for Tucker Anthony. Mr. deWolf is a graduate of Tulane
University and received his business degree from the AB Freeman
School of Business Studies at Tulane University.
“I could not be more delighted to welcome a capital markets
executive of Francis’ stature to our board of directors,” stated
Mark White, Interim CEO of FOXO Technologies. “We believe his
finance skills and expertise will be invaluable as we begin this
new phase for the Company. Moreover, we believe his appointment
reaffirms our commitment to the highest levels of corporate
governance.”
Separately, the Company announces it received an official notice
of noncompliance (the “NYSE American Notice”) from NYSE Regulation
(“NYSE”) stating that the Company is noncompliant with Sections
803B(2)(c) and 803B(2)(a)(iii) of the Company Guide since its audit
committee is not comprised of two independent members and does not
have at least one member of the audit committee who is financially
sophisticated. The Company believes that the appointment of Mr.
deWolf to the Board of Directors will resolve the issue of
noncompliance.
According to Section 803(B)(6)(b) of the Company Guide, the
Company will have until the earlier of its next annual meeting or
one year from the occurrence of the event that caused the failure
to comply with the audit committee composition requirements,
provided, however, that if the annual shareholders’ meeting occurs
no later than 75 days following the event that caused the failure
to comply with these requirements, the company shall instead have
75 days from such event to regain compliance.
About FOXO Technologies Inc. (“FOXO”)
FOXO is a biotechnology company dedicated to improving human
health and longevity through the development of cutting-edge
technology and product solutions for various industries, including
life insurance. FOXO’s epigenetic technology applies AI to DNA
methylation to identify molecular biomarkers of human health and
aging. FOXO is committed to leveraging the latest advancements in
science and technology to help people live better, longer lives.
For more information about FOXO, visit
www.foxotechnologies.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
for purposes of the “safe harbor” provisions under the United
States Private Securities Litigation Reform Act of 1995. Any
statements other than statements of historical fact contained
herein, including statements about the delisting of the Warrants
from NYSE American, trading of the Warrants in the over-the-counter
market, the continued listing of the Company’s Class A common stock
on NYSE American, and other statements identified by words such as
“will likely result,” “are expected to,” “will continue,” “is
anticipated,” “estimated,” “believe,” “intend,” “plan,”
“projection,” “outlook” or words of similar meaning, but the
absence of these words does not mean that a statement is not
forward-looking. Any such forward-looking statements are based upon
the current beliefs and expectations of the Company’s management
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond the Company’s control.
Many factors could cause actual future events to differ materially
from the forward-looking statements in this press release,
including but not limited to the possibility that the Plan will not
be accepted by NYSE American, the Company will be unable to satisfy
other continued listing requirements of NYSE American for its Class
A common stock to maintain the listing of the Class A common stock
on NYSE American; the risk of changes in the competitive and highly
regulated industries in which FOXO operates; variations in
operating performance across competitors or changes in laws and
regulations affecting FOXO’s business; the ability to implement
FOXO’s business plans, forecasts, and other expectations; the
ability to obtain financing; the risk that FOXO has a history of
losses and may not achieve or maintain profitability in the future;
potential inability of FOXO to establish or maintain relationships
required to advance its goals or to achieve its commercialization
and development plans; the enforceability of FOXO’s intellectual
property, including its patents and the potential infringement on
the intellectual property rights of others; and the risk of
downturns and a changing regulatory landscape in the highly
competitive biotechnology industry or in the markets or industries
in which FOXO operates, including the highly regulated insurance
industry. The foregoing list of factors is not exhaustive. Readers
should carefully consider the foregoing factors and the other risks
and uncertainties discussed in FOXO’s most recent reports on Forms
10-K and 10-Q, particularly the “Risk Factors” sections of those
reports, and in other documents FOXO has filed, or will file, with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and FOXO assumes no obligation and do
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise.
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