Foxo Technologies (FOXO) said Wednesday it has appointed Seamus Lagan as chief executive officer, starting immediately.
Most recently, Lagan was the CEO of Foxo's subsidiary, Rennova Community Health, FOXO said.
The company also announced restructuring initiatives, including a stock swap to reduce debt. Rennova Health exchanged $21 million of a senior secured note into 21,000 Foxo series A preferred shares, the company said.
Another institutional investor swapped $2.2 million of senior notes for 2,464 series A preferred shares, including additional funding of $1 million, Foxo said. These actions aim to improve the balance sheet and support growth, Foxo added.
Shares fell 7% in recent trading.
Price: 0.46, Change: -0.04, Percent Change: -7.14
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