Nano-Cap FOXO Surges as Retail Frenzy Builds Ahead of Friday’s Special Shareholder Meeting

FOXO Technologies, Inc. ($FOXO) stock jumped about 58% on Thursday after the Minneapolis, Minnesota-based epigenetic biomarkers technology solutions company confirmed the schedule for its special meeting of shareholders.

The company said in a release that the virtual meeting will take place on Friday at 10:30 a.m. ET, as previously announced.

The FOXO board requested shareholders vote in favor of the proposals on the proxy card. According to the proxy statement filed with the SEC earlier this month, the company seeks approval for issuing shares equal to or exceeding 20% of its Class A common stock. 

The company said the common stock would be used to redeem its Series A convertible preferred stock.

In mid-December, the company announced a series of capital raising transactions to improve the balance sheet, satisfy minimum stockholders’ equity requirements of the NYSE American exchange and provide capital for growth and reduce outstanding liabilities.

These transactions included its subsidiary Renova Health exchanging about $21 million of senior, secured notes issued by it into 21,000 Series A convertible redeemable preferred stock of FOXO. and an institutional investor investing an additional $1 million funding and exchanging $2.2 million debt into 2,464 preferred stock.

Seamus Lagan, who was appointed as CEO last month, said, “This meeting will complete the obligations from the acquisition agreements that the Company has completed in recent months."

“We look forward to a successful outcome to the meeting and believe the transformation of FOXO in the second half of 2024 creates a new foundation on which we can build a significant and valuable company for the benefit of our shareholders.”

FOXO sentiment and message volume January 16, 2025, as of 11:27 pm ET | Source: Stocktwits

On Stocktwits, retail sentiment toward FOXA stock improved to ‘extremely bullish’ (97/100), matching the high seen in late-May, from ‘bullish’ a day ago. Message volume also spiked to ‘extremely high’ levels.

A retail watcher of the stock on the platform predicted more strength if volume increases.

Another flagged a buying opportunity, citing technicals.

FOXO stock settled Thursday’s session up 57.97% at $0.3150 but fell about 8% in after-hours

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