Foxo Technologies (NYSEMKT:FOXO) stock is up on Friday after the epigenetic technology company announced two acquisition deals.
The first deal announced by Foxo is with Myrtle Recovery Centers. This will see it acquire 100 shares of Myrtle Recovery Centers stock from Rennova Health (OTCMKTS:RNVA). That represents 98.4% of issued Myrtle Recovery Centers shares.
Foxo Technologies will acquire the shares of Myrtle Recovery Centers for $500,000. However, it will use shares of FOXO stock to acquire these shares instead of cash.
The next deal announced by Foxo covers Rennova Community Health. The company will acquire 100 shares of its stock from Rennova Health. That represents 100% of Rennova Community Health’s issued shares.
Foxo Technologies will acquire the shares of Rennova Community Health stock for $20 million. Instead of cash, the company will fuel this transaction with 20,000 shares of its Series A Preferred Stock.
FOXO Stock Movement Today
FOXO stock is seeing heavy trading on Friday alongside the acquisition news. This has more than 15 million shares changing hands as of this writing. That’s quite the increase over its daily average trading volume of about 1.2 million shares.
FOXO stock is up 55.2% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
