QXO raises $557.6M via 5.50% Series B Mandatory Convertible Preferred Offering

QXO, Inc.

• Issued 10M depositary shares at $50 each, each representing 1/20 interest in a 5.50% Series B Mandatory Convertible Preferred share.
• Underwriters exercised over-allotment fully; net proceeds approximately $557.6M after discounts and expenses.
• Preferred stock accrues dividends at 5.50% on $1,000 liquidation preference, payable quarterly starting August 15, 2025.
• Unless earlier converted, each preferred share automatically converts into 49.474 to 60.606 common shares on May 15, 2028.
• No common dividends or share repurchases allowed unless all accumulated preferred dividends are paid.