Delwinds Insurance Acquisition in an 8-K announced shareholders voted in favor of merging with FOXO Technologies. About 92% of shares participating in the vote were in support of the acquisition.
Delwinds had disclosed a day earlier that redemptions erased about 99.5% of what the SPAC had left in trust.
In anticipation of this outcome, Delwinds had shored up a forward purchase agreement for the sale of 3 million shares to offset part of the $10 million in backstop commitments from Delwinds sponsor and maangement team. The SPAC also has a $40 million committed equity facility that was revealed at deal announcement in February, plus a $22.5 million convertible debenture.
There was no minimum cash closing condition on this deal.
FOXO is expected to begin trading tomorrow on the NYSE American. The company applies epigenetic science and AI to modernize the life insurance industry. Read more.