Xos lowers convertible note conversion price to $12/share; adds mandatory conversion trigger

Xos, Inc.

Third A&R Note reduces conversion price from $71.451 to $12.00 per share of common stock.
Mandatory conversion feature added: company may compel conversion if daily VWAP exceeds $16 for 20 of 30 consecutive trading days.
Note has $20M principal, 10% annual interest payable in shares, and matures on February 11, 2028.
Mandatory prepayment schedule continues through Feb 2028; May 11, 2026 prepayment of $1.5M is due.
Aljomaih Automotive Co. is the noteholder; the note is unregistered and subject to exchange cap of 1,737,247 shares.

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