FOXO Technologies Inc. will become a publicly traded firm in a SPAC deal with Delwinds Insurance Acquisition Corp. (NYSE: DWIN). Shares will trade under the symbol FOXO once completed. The transaction is said to have a value of $369 million. FOXO, will raise up to $224 million in total gross cash proceeds, including up to $201 million of cash held in Delwinds’ trust account, assuming no redemptions by Delwinds public stockholders, according to a release.
Last December, Delwinds Insurance Acquisition Corp. closed on a $201 million initial public offering (IPO) of 20,125,000 units at $10/share.
Led by Chairman and Chief Executive Officer Andrew J. Poole, the SPAC was created with a mission to seek out an insurtech for a merger or acquisition.
FOXO is a company that uses non-genetic, or epigenetic information to “re-imagine” life insurance. FOXO states that it offers “new insights into disease and aging that will revolutionize underwriting and mortality prediction while eliminating the need for invasive, time-consuming blood testing.”
FOXO clearly has its sights set on other verticals that will be interested in its technology – it is just starting with life insurance.