Update: QXO Shares Rise After Receiving $1.2 Billion Investment Commitment

MT Newswires Live01-06

(Updates with the latest stock price movement in the headline and the first paragraph.)

QXO (QXO) shares rose 20% in recent Monday trading after the company said it received a $1.2 billion investment commitment from funds affiliated with Apollo Global Management (APO) and other investors through a new series of convertible perpetual preferred stock.

The company said the investment will improve its financial flexibility to pursue acquisition opportunities.

Under the agreement, investors will purchase the new preferred stock to fund one or more acquisitions through July 15, with a possible extension of up to 12 months if a definitive acquisition agreement is executed before the initial commitment period expires.

The new convertible preferred stock will pay a dividend of 4.75% per year and can be converted into QXO common stock at an initial conversion price of $23.25 per share.

Price: 23.66, Change: +3.94, Percent Change: +19.95

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment