Why Is Xos Stock Tumbling On Thursday?

Benzinga06-05

Xos Inc (NASDAQ:XOS) stock fell sharply on Thursday after the electric commercial vehicle maker announced a dilutive capital raise to support its expansion strategies. The Nasdaq is down 0.38% while ...

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What’s pressuring XOS stock?\nOn Thursday, Xos entered into a securities purchase agreement with institutional investors for a registered direct offering. The company is selling 1,090,910 shares of its common stock at a purchase price of $5.50 per share.\nThe company noted that the transaction is priced at-the-market under Nasdaq rules. Xos stated it expects the offering “to result in gross proceeds to the company of approximately $6 million, before deducting offering expenses.” \nRoth Capital Partners is serving as the exclusive placement agent for the deal, which is expected to close on or about Friday.\nThe Los Angeles-based manufacturer outlined distinct capital allocation plans for the new cash injection. According to the announcement, Xos intends to use the net proceeds “to fund its growth plans, including the continued expansion of its Power Hub and energy storage business into the grid-independent power markets serving AI data centers, industrial facilities and other mission-critical power users.”\nBeyond the data center push, the commercial EV leader plans to allocate the remaining funds toward “working capital, general corporate purposes and repayment of debt.”\nThe chart is still extended despite the sell-off: at $5.58, Xos is trading 135.8% above its 20-day SMA at $2.34 and 138.2% above its 200-day SMA at $2.31, which is the kind of separation that can be hard to sustain for long.\nRSI is the clearest momentum lens here, sitting at 95.47.\nXOS Stock Price Activity: Xos shares were down 25.80% at $5.54 at the time of publication on Thursday, according to Benzinga Pro data.\nPhoto Courtesy: solarseven on Shutterstock.com\nThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2641195522","isCrawlerRequest":true}