In a recent transaction, Kr8 ai Inc., a significant shareholder in FOXO Technologies Inc. (NYSE:FOXO), has sold its entire position in the company. The sale consisted of 1,300,000 shares of Class A Common Stock at a price of $0.25 per share, totaling $325,000. This transaction was executed on July 22, 2024, and marks a complete divestiture of Kr8 ai Inc.'s holdings in FOXO Technologies.
The disposal of the shares has reduced Kr8 ai Inc.'s stake in FOXO Technologies to zero, as indicated by the post-transaction ownership information. The transaction was signed off by Mark White on July 23, 2024, the day following the sale.
FOXO Technologies, known for its commercial physical and biological research services, has been a player in the industry with a focus on innovative technology applications. The sale by Kr8 ai Inc., a ten percent owner prior to the transaction, may catch the interest of investors tracking insider and significant shareholder activity as it represents a notable shift in the company's ownership structure.
Investors often monitor such sales for insights into shareholder sentiment and potential shifts in a company's financial outlook. However, the reasons behind Kr8 ai Inc.'s decision to sell its entire stake in FOXO Technologies at this time have not been disclosed. The transaction details were made public through a Form 4 filing with the Securities and Exchange Commission.
InvestingPro Insights
Following the recent sale of Kr8 ai Inc.'s entire stake in FOXO Technologies Inc., investors may be evaluating the implications on their investment strategy. InvestingPro data reveals a few key metrics that could provide deeper insight into FOXO's current financial position. As of the last twelve months leading up to Q1 2024, FOXO Technologies has a market capitalization of $2.57 million USD, reflecting its size within the commercial physical and biological research services industry. The company's revenue for the same period stands at $0.14 million USD, having experienced a significant decline of 71.28%. This downturn is further emphasized by a quarterly revenue drop of 46.15% in Q1 2024. Additionally, FOXO's gross profit margin remains low at 5.04%, indicating potential challenges in achieving profitability.
InvestingPro Tips suggest that FOXO Technologies stock trades with high price volatility, and the company has been struggling with weak gross profit margins. Moreover, the stock price has been quite volatile and is trading near its 52-week low, which may be of particular interest to investors considering the recent sell-off by Kr8 ai Inc. The company also does not pay a dividend, which could influence the investment decisions of income-focused shareholders.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips on FOXO Technologies, which may further inform their investment decisions. It's worth noting that there are 13 more InvestingPro Tips available, which can be accessed through the InvestingPro platform. Interested investors can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, allowing them to leverage these insights to potentially enhance their investment strategy.
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