secwatch.observer — SEC 8-K summary
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Issuer:     Xos, Inc. (XOS)
CIK:        0001819493
Form:       8-K
Filed at:   2026-05-13T21:01:18+00:00
Accession:  0001819493-26-000034
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819493/000181949326000034/0001819493-26-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819493/000181949326000034/xos-20260508.htm
  HTML page:      https://secwatch.observer/filing/0001819493-26-000034

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer