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BSF Medical Center Parent Company Announces Scholarship
ONEIDA | Rennova Health Inc., the parent company of Big South Fork Medical Center, announced earlier this month that it had entered into two stock agreements with FOXO Technologies Inc., involving stakes in BFSMC and Myrtle Recovery Centers.
The first transaction, closed June 14, was for equity interests in Myrtle Recovery Centers, the behavioral health services operation located at BSFMC, for $500,000 worth of common stock to be issued by FOXO. The second transaction, expected to close in the third quarter of 2024, was for equity interests in Rennova Community Health, the company created by Rennova Health to manage Big South Fork Medical Center, for $20 million of convertible preferred stock in FOXO.
FOXO secured $2.5 million in funding, of which $750,000 was funded when the first transaction closed on June 14.
We are delighted to conclude these transactions with FOXO, said Seamus Lagan, CEO of Rennova. Both transactions present key tangible benefits for the company. They will significantly improve access to capital to facilitate the growth and expansion of these businesses and, subject to the closing of the Rennova Community Health transaction, Rennova will be the majority shareholder of FOXO. Additionally, Rennova hopes to be able to monetize its convertible preferred shares and common shares of FOXO over time.
Headquartered in Minneapolis, Minnesota, FOXO Technologies develops artificial intelligence and bioinformatics tools related to genetic sequencing technology. The company was trading at 26 cents per share as of close of business Wednesday.
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