Mergers & Acquisitions ·
FOXO agrees to acquire majority voting control of Ludwig Enterprises for $2.75M in stock and cash
FOXOFoxo Technologies Inc.
FOXO Technologies Inc. entered into agreements to acquire approximately 71.43% of Ludwig Enterprises, Inc.'s preferred stock from The Thomas E. Terwilliger Revocable Trust and Vasaio Capital, Inc., securing majority voting control. In exchange for 5,000,000 shares of Ludwig preferred stock, FOXO will issue 2,250,000 shares of new Series F Convertible Preferred Stock with a stated value of $2,250,000. Additionally, FOXO agreed to purchase approximately $1,000,000 in notes from Thomas E. Terwilliger for $1,000,000 in consideration comprising cash and Series F shares. The transactions are pending closing conditions including a Nasdaq listing and financing. FOXO operates hospitals, behavioral health facilities, and biotechnology subsidiaries.