Houston, TX, Sept. 12, 2022 (GLOBE NEWSWIRE) — Delwinds Insurance Acquisition Corp. (“DWIN” or the “Company”) DWIN, a publicly traded special purpose acquisition company, announced today that DWIN expects to enter into an agreement whereby an institutional investor and its affiliates (collectively, the “Investor”) would commit (i) from date (the “Business Combination”) Closing”) of the consummation of the previously announced business combination of Delwinds and FOXO Technologies Inc. (the “Business Combination” and “FOXO”), a certain number of Delwinds Class A common shares (“Public Shares”) and (ii) may up to purchase an additional number of Public Shares from other Public Shareholders, up to a total of 3,000,000 shares (the “Investor Shares”) effective for a period of up to fifteen (15) months after the closing of the business combination . Under such an agreement, the investor would have the right to redeem the Investor Shares on the open market and at the end of the term of the Investor Agreement or at an accelerated maturity date (applicable upon the occurrence of certain events including based on the dealing price per share of Class A Common Shares of the Merged post-merger entity (the “Combined Entity”)) to require the merged entity to purchase all Investor Shares previously held by the investor at a price equal to the bid price per public share at the closing of the business combination (the “bid price”). Upon entering into any such investor agreement, Delwinds expects to amend the previously disclosed backstop subscription agreements between Delwinds and each Delwinds chairman and chief executive officer and an affiliate of certain Delwinds officers and directors (collectively, the “Backstop Investors”) to reflect: that a forward purchase…
