Delwinds Insurance Acquisition, which has a merger agreement with FOXO Technologies, in an 8-K filing said it reduced the number of shares to be issued to certain members of FOXO’s management and strategic partners from 10 million shares to 9.2 million shares. In addition, the parties agreed FOXO will be permitted to issue additional shares of FOXO Class A stock to an existing stockholder of FOXO as consideration for certain services.
FOXO applies epigenetic science and AI to modernize the life insurance industry. The combined company would have an estimated enterprise value of $369 million.
Announced in February, the transaction combined with a recent capital raise by FOXO is expected to produce up to $224 million in total gross cash proceeds, including up to $201 million of cash held in Delwinds’ trust account, assuming no redemptions.
The definitive agreement includes no minimum cash closing requirement. Read more.
