Delwinds Insurance Acquisition filed a preliminary proxy and prospectus outling its proposed merger with FOXO Technologies, which 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 recent capital raising 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.
