FOXO commences its inaugural Managing General Agency relationship with a full suite of life insurance products bundled with the FOXO Longevity Report.
FOXO Technologies, a tech platform company whose products and services seek to address long-standing, core problems within the life insurance industry through epigenetic longevity science, today announced the completion of its business combination with Delwinds Insurance Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC).
The products and services FOXO is developing combine longevity science with life insurance, and have two aims; the first is to support consumer health and wellness engagement, and the second is to) simplify the consumer underwriting journey.
The combined company, which is trading on the NYSE American exchange under the symbol FOXO and will operate under the name FOXO Technologies Inc, will be led by Chief Executive Officer Jon Sabes.
Upon the consummation of the business combination, each outstanding unit of Delwinds was automatically separated into one share of Delwinds Class A common stock and one half of one Delwinds warrant and each share of Delwinds class A common stock and each whole warrant of Delwinds was exchanged for one FOXO common share and one FOXO warrant, exercisable into shares of FOXO Class A common stock, respectively. The warrant exercise price for each FOXO warrant is $11.50.
The transaction was approved by Delwinds’ stockholders at its special meeting held on 14 September 2022; over 91% of the votes cast on the business combination proposal at the special meeting were cast in favour of approving the business combination.
“The completion of this merger is a significant step forward in our mission to make healthy longevity fundamental to the promise of every life insurance policy sold,” said Jon Sabes, Founder and CEO of FOXO.
“Our entry into the public markets strengthens our ability to commercialize our molecular biomarkers of health, aging and mortality with epigenetic technology. The recent signing of our inaugural MGA agreement with the Assurity Life Insurance Company allows FOXOLife.com to begin marketing and selling a full suite of life insurance products with our FOXO Longevity Report.
“The Business Combination also occurs as we prepare to complete research that we expect will lead to the opportunity to introduce new saliva-based underwriting protocols next year. These two initiatives represent critical milestones towards our overall goals. We are grateful for the support of the Delwinds leadership team and stockholders throughout this transaction and are more committed than ever to providing lasting value to our customers, our stockholders, and our partners .”
Andrew J Poole, Chairman and CEO of Delwinds commented: “With this milestone concluded, FOXO has a number of pivotal developments ahead, including its pioneering application of epigenetic science to measure human health and longevity through molecular biomarkers and commercializing saliva-based underwriting technology for the life insurance industry. Having had the opportunity to work closely with the FOXO team these past months, our belief in FOXO’s value proposition and market opportunity have only grown .”