Rennova Health enters stock exchange agreements with Foxo Technologies

Rennova Health (RNVA)has entered into two stock exchange agreements with FOXO Technologies (FOXO). In the first agreement, Rennova’s equity in Myrtle Recovery Centers, Inc., the Company’s behavioral health services subsidiary, was exchanged for $500,000 of common stock in FOXO. In the second agreement, equity in Rennova Community Health, Inc., predominantly consisting of the Company’s critical access hospital, will be exchanged for $20 million of convertible preferred stock in FOXO. Closing of the Myrtle transaction took place on June 14, 2024 and closing of the Rennova Community Health transaction, subject to certain closing conditions including shareholder approvals, is expected to be completed in the third quarter of 2024. In addition, FOXO secured a commitment for up to $2.5 million of financing of which $750,000 was funded at the Myrtle closing.