Shares of QXO Inc experienced a significant decline of over 40% in pre-market trading on Friday, dropping to $120.51. This downturn followed the company's announcement of a private placement financing arrangement designed to raise $3.5 billion from select institutional and accredited investors.
In this financial maneuver, QXO Inc. plans to issue 340.93 million common shares at a price of $9.14 per share. Additionally, 42 million pre-funded warrants will be sold at $9.13999 each.
The company anticipates that this private placement will be finalized early in the third quarter.
On the previous day, QXO shares closed at $205.40, marking a 14.55% increase. Over the last 52 weeks, the stock has fluctuated within a range of $23.92 to $290.00.
