FOXO Technologies, which applies epigenetic science and AI to modernize the life insurance industry, has entered into a definitive merger agreement with Delwinds Insurance Acquisition. The combined company would have an estimated enterprise value of $369 million. News of a pending deal announcement was reported yesterday.
If the transaction is approved, FOXO plans to trade on the NYSE under the ticker symbol FOXO. Proceeds from the merger are expected to accelerate the development of FOXO’s platform to offer saliva-based epigenetic biomarker underwriting technology and consumer engagement services to the global life insurance industry.
The transaction, combined with recent capital raising actions by FOXO, is expected to raise up to $224 million in total gross cash proceeds, including up to $201 million of cash held in Delwinds’ trust account, assuming no redemptions by Delwinds public stockholders.
The definitive agreement includes no minimum cash closing requirement and is expected to close in the second quarter if Delwinds stockholders approve the deal. Read more.
