Filed Pursuant to Rule 424(b)(3)
Registration No. 333-271475
PROSPECTUS SUPPLEMENT NO.
7
(to Prospectus dated May 5, 2023)
FOXO Technologies Inc.
Up to 10,062,500 Shares of
Class A Common Stock Issuable Upon
Exercise of Public Warrants
Up to 316,250 Shares of
Class A Common Stock Issuable Upon
Exercise of Private Warrants
Up to 1,905,853 Shares of
Class A Common Stock Issuable Upon
Exercise of Assumed Warrants
Up to 5,288,364 Shares of Class A Common Stock
Up to 316,250 Private Warrants to
Purchase Shares of Class A Common Stock
This
prospectus supplement is being filed to update and supplement the information contained in the prospectus dated May 5, 2023 (the “Prospectus”),
which forms a part of our registration statement on Form S-1 (File No. 333-271475) with the information contained in our current
report on Form 8-K, filed with the Securities and Exchange Commission on July 21, 2023 (the “Current Report”). Accordingly,
we have attached the Current Report to this prospectus supplement.
The
Prospectus and this prospectus supplement relate to the issuance by us of up to (i) 10,062,500 shares of our Class A common stock,
$0.0001 par value per share (the “Class A Common Stock”), issuable upon the exercise of 10,062,500 publicly-traded
warrants with an exercise price of $11.50 per share (the “Public Warrants”), which were originally issued by Delwinds
(as defined in the Prospectus) as part of its initial public offering of units at a price of $10.00 per unit, with each unit consisting
of one share of Class A Common Stock and one-half of one redeemable warrant, (ii) 316,250 shares of our Class A Common Stock issuable
upon the exercise of 316,250 private warrants (the “Private Warrants”) with an exercise price of $11.50 per share,
which were originally issued to DIAC Sponsor LLC (the “Sponsor”) (and such securities were subsequently distributed
for no additional consideration to the members of the Sponsor, upon the Sponsor’s dissolution and distribution of all of its assets,
including these securities) in a private placement of units at a purchase price of $10.00 per unit, with each unit consisting of one share
of Class A Common Stock and one-half of one redeemable warrant, and (iii) 1,905,853 shares of Class A Common Stock issuable upon the exercise
of 1,905,853 warrants at an exercise price of $6.21 per share (the “Assumed Warrants”), which were originally issued
to accredited investors by Legacy FOXO (as defined in the Prospectus) in a private placement of convertible debentures and warrants and
assumed by us pursuant to the Business Combination ( as defined in the Prospectus), and of which only 258,652 Assumed Warrants are outstanding
following the consummation on May 26, 2023 of our issuer tender offer, the Offer to Exchange Warrants to Acquire Shares of Class A Common
Stock and Consent Solicitation, pursuant to which an aggregate of 1,647,201 Assumed Warrants were tendered and are no longer outstanding.
The
Prospectus and this prospectus supplement also relate to the potential offer and resale from time to time by the selling securityholders
named in the Prospectus or their permitted transferees (the “Selling Securityholders”) of (a) up to 5,288,364
shares of Class A Common Stock, which consists of (i) 4,039,614 shares of Class A Common Stock, which were originally issued to the Sponsor
in the form of Founder Shares (as defined in the Prospectus) (and such securities were subsequently distributed for no additional consideration
to the members of the Sponsor, upon the Sponsor’s dissolution and distribution of all of its assets, including these securities)
at an initial purchase price of approximately $0.004 per share, (ii) 632,500 shares of Class A Common Stock, which were originally issued
to the Sponsor (and subsequently distributed to the permitted transferees of the Sponsor) in a private placement of units at a price of
$10.00 per unit, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant, (iii) up to 316,250
shares of our Class A Common Stock issuable upon exercise of 316,250 Private Warrants held by the members of the Sponsor at an exercise
price of $11.50 per share, and (iv) 300,000 shares of Class A Common Stock issued to J.V.B. Financial Group, LLC (“JVB”),
acting through its Cohen & Company Capital Markets division, in connection with the transactions contemplated by that certain Amendment
and Termination Agreement, dated as of September 15, 2022, which shares are being registered pursuant to a general release agreement entered
into between the Company and JVB, providing for a general release, effective upon effectiveness of this registration statement, of any
and all claims by JVB against the Company in exchange for the registration of JVB’s shares of Class A Common Stock for resale; and
(b) up to 316,250 Private Warrants held by the members of the Sponsor to purchase up to 316,250 shares of Class A Common Stock at an exercise
price of $11.50 per share. We will not receive any proceeds from the sale of shares of Class A Common Stock or Warrants by the Selling
Securityholders.
Our Class A Common Stock
is currently listed on the NYSE American LLC under the symbol “FOXO.” On July 20, 2023, the closing price of our Class A Common
Stock was $0.165. Our Public Warrants are currently quoted on the OTC Pink Marketplace under the symbol “FOXOW.” On July 20,
2023, the closing price of our Public Warrants was $0.002.
This prospectus supplement
updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in
combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction
with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should
rely on the information in this prospectus supplement.
We are an “emerging growth company”
as the term is used in the Jumpstart Our Business Startups Act of 2012 and will be subject to reduced public company reporting standards.
As such, we have elected to comply with certain reduced public company reporting requirements for this and future filings.
INVESTING
IN OUR SECURITIES INVOLVES A HIGH DEGREE OF RISKS THAT ARE DESCRIBED IN THE “RISK FACTORS” SECTION BEGINNING ON PAGE 10 OF
THE PROSPECTUS.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if the Prospectus or this prospectus supplement is accurate or complete. Any representation to the contrary is a criminal offense.
The date
of this prospectus supplement is July 21, 2023.
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d)
of the Securities Exchange
Act of 1934
Date of Report (Date
Earliest Event Reported): July 21, 2023
FOXO
TECHNOLOGIES INC.
(Exact name of registrant
as specified in its charter)
Delaware |
|
001-39783 |
|
85-1050265 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
729 N. Washington Ave., Suite 600
Minneapolis, MN |
|
55401 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(612) 562-9447
(Registrant’s
telephone number, including area code)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 |
|
FOXO |
|
NYSE American |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
Layoffs and Liquidity
On July 21, 2023, FOXO
Technologies Inc. (the “Company”) reduced its employee headcount via layoffs from 22 employees to 15 employees. Laid off
employees will be paid through July 21, 2023 and will be eligible for unemployment benefits subject to local regulations. These
layoffs will allow the Company to reduce its operating expenses while tailoring its strategic focus towards initiatives such as the
Company’s recently announced Bioinformatics Services which offers epigenetic data processing and analysis.
As previously disclosed in
the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on July
20, 2023, together with cost saving measures that the Company expects to implement, which
include these layoffs, and the approximately $202,500 in net proceeds that the Company received from the first tranche of a two-tranche
private placement (the “Private Placement”), the Company expects to be able to fund its operations through the end of July
2023, and the Company expects the anticipated $202,500 in net proceeds from the second tranche of the Private Placement to be sufficient
to fund its operations through mid August 2023. The amounts of net proceeds in the foregoing sentence do not give effect to the payment
of legal fees and other expenses related to the Private Placement. The closing of the second tranche is subject to the satisfaction of
certain conditions set forth in the related transaction documents, including that a resale registration statement (the “Resale Registration
Statement”) covering all of the shares of the Company’s Class A common stock, par value
$0.0001 per share, issued and to be issued in the Private Placement is declared effective by the SEC.
In the event that the Company
is unable to secure additional financing by mid August 2023, it will be unable to fund its operations and may be required to evaluate
further alternatives, which could include further curtailing or suspending its operations, selling the Company, dissolving and liquidating
its assets or seeking protection under the bankruptcy laws. A determination to file for bankruptcy could occur at a time that is earlier
than when we would otherwise exhaust its cash resources.
Forward-Looking Statements
The information contained
in this Current Report on Form 8-K and the exhibits attached hereto contain “forward-looking” statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The words “intend,” “may,” “should,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to
risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due
to many factors. With respect to the matters addressed in this Current Report on Form 8-K, those factors include, but are not limited
to: whether the layoffs will allow the Company to reduce its operating expenses while tailoring its strategic focus; whether the closing
conditions of the second tranche of the Private Placement will be satisfied, including whether the Resale Registration Statement will
be declared effective by the SEC promptly, if at all; and the Company’s ability to timely obtain the net proceeds from the sale
of the shares in the second tranche of the Private Placement as well as additional funding to continue its operations. While the Company
believes its plans, intentions and expectations reflected in those forward-looking statements are reasonable, these plans, intentions
or expectations may not be achieved. The Company’s actual results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements. For information about the factors that could cause such differences,
please refer to the Company’s filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update any forward-looking statement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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FOXO Technologies Inc. |
|
|
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Date: July 21, 2023 |
By: |
/s/ Tyler Danielson |
|
|
Name: |
Tyler Danielson |
|
|
Title: |
Interim Chief Executive Officer |
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