FOXO Technologies Restates Financials
Ticker: FOXOW · Form: 8-K · Filed: Jun 4, 2024 · CIK: 1812360
| Field | Detail |
|---|---|
| Company | Foxo Technologies INC. (FOXOW) |
| Form Type | 8-K |
| Filed Date | Jun 4, 2024 |
| Risk Level | high |
| Pages | 7 |
| Reading Time | 8 min |
| Key Dollar Amounts | $0.0001, $2.5 million, $0.9 million, $62.10, $0.80 |
| Sentiment | bearish |
Sentiment: bearish
Topics: restatement, financial-reporting, accounting-issues
TL;DR
FOXO is ditching old financials, expect a mess.
AI Summary
FOXO TECHNOLOGIES INC. announced on May 30, 2024, that it will not rely on previously issued financial statements or related audit reports. This decision impacts financial reporting for periods prior to May 30, 2024, and necessitates a review of past financial data.
Why It Matters
This filing indicates potential inaccuracies in past financial reporting, which could affect investor confidence and require significant accounting adjustments.
Risk Assessment
Risk Level: high — The company is withdrawing previously issued financial statements, signaling significant accounting issues that could lead to restatements and impact valuation.
Key Players & Entities
- FOXO TECHNOLOGIES INC. (company) — Registrant
- Delwinds Insurance Acquisition Corp. (company) — Former company name
- May 30, 2024 (date) — Date of Report
- 20240604 (date) — Filing Date
FAQ
What specific periods do the non-relied-upon financial statements cover?
The filing states that the company will not rely on previously issued financial statements or related audit reports, implying all prior periods are affected, but does not specify exact date ranges within the provided text.
What is the reason for not relying on the previously issued financial statements?
The filing indicates a decision to not rely on previously issued financial statements or related audit reports, but the specific reasons are not detailed in the provided text.
When was FOXO TECHNOLOGIES INC. formerly known as Delwinds Insurance Acquisition Corp.?
The date of the name change from Delwinds Insurance Acquisition Corp. to FOXO TECHNOLOGIES INC. was May 18, 2020.
What is the principal executive office address for FOXO TECHNOLOGIES INC.?
The principal executive offices are located at 729 N. Washington Ave., Suite 600, Minneapolis, MN 55401.
What is the SEC file number for FOXO TECHNOLOGIES INC.?
The SEC file number for FOXO TECHNOLOGIES INC. is 001-39783.
Filing Stats: 2,091 words · 8 min read · ~7 pages · Grade level 16.3 · Accepted 2024-06-04 15:30:19
Key Financial Figures
- $0.0001 — tered Class A Common Stock, par value $0.0001 FOXO NYSE American Indicate by chec
- $2.5 million — e Company recorded a deemed dividend of $2.5 million in connection with the Exchange Offer,
- $0.9 million — ded September 30, 2023 by approximately $0.9 million. The Company is required to report any
- $62.10 — of the Assumed Warrants from a reported $62.10 per share to a corrected exercise price
- $0.80 — share to a corrected exercise price of $0.80 per share. Accordingly, we are restatin
Filing Documents
- ea0207221-8k_foxotech.htm (8-K) — 62KB
- 0001213900-24-049610.txt ( ) — 238KB
- foxo-20240530.xsd (EX-101.SCH) — 3KB
- foxo-20240530_lab.xml (EX-101.LAB) — 33KB
- foxo-20240530_pre.xml (EX-101.PRE) — 22KB
- ea0207221-8k_foxotech_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Foxo Technologies Inc. Dated: June 4, 2024 By: /s/ Mark White Mark White Title: Interim Chief Executive Officer 5