Business
QXO Announces Launch of Concurrent Offerings of Common Stock and Depositary Shares
GREENWICH, Conn., May 20, 2025--QXO, Inc. (NYSE: QXO) ("QXO" or the "Company") announced today the launch of concurrent separate underwritten public offerings of (i) shares of its common stock ("Common Stock") and (ii) depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of new Series B Mandatory Convertible Preferred Stock ("Mandatory Convertible Preferred Stock") of the Company (together, the "Offerings"). The aggregate gross proceeds from the Offerings are e
About this update from Qxo, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":2435,"height":931,"url":"https://media.zenfs.com/en/business-wire.com/3572e7af15039b31ba0efde7b696ac63"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/KT4TN29Wxc5Biyyc4gGHcQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM2NztjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/3572e7af15039b31ba0efde7b696ac63","width":960,"height":367},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/jJ04ajBml0TOoYMdhAJk2g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD05MTg7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/3572e7af15039b31ba0efde7b696ac63","width":1200,"height":459}},"lazy":false},{"type":"text","content":"GREENWICH, Conn., May 20, 2025--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) ("QXO" or the "Company") announced today the launch of concurrent separate underwritten public offerings of (i) shares of its common stock ("Common Stock") and (ii) depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of new Series B Mandatory Convertible Preferred Stock ("Mandatory Convertible Preferred Stock") of the Company (together, the "Offerings"). The aggregate gross proceeds from the Offerings are expected to be $1.0 billion. In addition, QXO intends to grant (i) the underwriters of the Common Stock Offering an option to purchase additional shares of Common Stock and (ii) the underwriters of the Depositary Shares Offering an option to purchase additional Depositary Shares, solely to cover over-allotments, if any. If exercised in full, such options are expected to result in additional aggregate gross proceeds of $150 million. The Offerings are not contingent upon each other. QXO intends to use the net proceeds from the Offerings to repay indebtedness under the Company’s senior secured term loan facility, which will strengthen the Company’s position with respect to future acquisition opportunities.","length":1288,"tagName":"p"},{"type":"text","content":"Holders of the Depositary Shares will be entitled to a proportional fractional interest in the rights and preferences of the Mandatory Convertible Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of a deposit agreement. The ...