FOXO TECHNOLOGIES INC. ANNOUNCES EXECUTION OF A NON BINDING AGREEMENT TO ACQUIRE VECTOR BIOSOURCE INC.

Core Viewpoint - FOXO Technologies Inc. has signed a non-binding agreement to acquire Vector Biosource Inc., a provider of information and biospecimen sourcing for the biotechnology and pharmaceutical research industries, with expected revenues of $800,000 in 2025 without additional capital [1][2]. Group 1: Acquisition Details - The purchase price includes$750,000 in stated value of Series D Cumulative Redeemable Preferred Stock, an additional $750,000 of Series D Preferred Stock contingent on achieving revenue and cash collection milestones in 2025, and earnout payments based on revenues and cash collections in 2026 and 2027 [2]. - The closing of the transaction is subject to definitive agreements, satisfactory due diligence, provision of$1 million in working capital, and other closing conditions, expected to be completed within 45 days [2]. Group 2: Strategic Importance - The CEO of FOXO expressed excitement about the acquisition, highlighting Vector's unique position in the healthcare sector and its growth profile, indicating a focus on expanding the Vector platform [3]. - The CEO of Vector believes that the partnership with FOXO will facilitate the achievement of its growth plans by providing necessary growth capital, corporate infrastructure, and potential synergies with other FOXO subsidiaries [3]. Group 3: Company Overview - FOXO Technologies operates three subsidiaries: Rennova Community Health, which owns a critical access hospital in East Tennessee; Myrtle Recovery Centers, a behavioral health facility; and Foxo Labs, a biotechnology company focused on improving human health through innovative technology [4][5].