Why Is Foxo Technologies (FOXO) Stock Up 55% Today?

  • Foxo Technologies (FOXO) stock is up on acquisition deals.
  • The company is acquiring Myrtle Recovery Centers and Rennova Community Health.
  • Both of these are being bought from Rennova Health (RNVA).
FOXO Stock - Why Is Foxo Technologies (FOXO) Stock Up 55% Today?

Source: Shutterstock.com

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.

Investors looking for more of the most recent stock market stories will want to stick around!

We have all of the hottest stock market news investors need to know about on Friday! That includes the biggest pre-market stock movers this morning and other recent news worth reading about. You can catch up on all of that at the following links!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-foxo-technologies-foxo-stock-up-55-today/.

©2024 InvestorPlace Media, LLC