Major Shareholder Aljomaih Increases Stake to 28% via Deeply Discounted Convertible Note

summarizeSummary

Major shareholder Aljomaih Automotive Co. has increased its beneficial ownership in Xos, Inc. to 28.0% following a highly dilutive amendment to a $15.5 million convertible note, which slashed the conversion price from $71.451 to $12.00 per share.

check_boxKey Events

• Major Shareholder Stake Update

  Aljomaih Automotive Co. and Aljomaih Holding Co. (Reporting Persons) now beneficially own 3,738,303 shares, representing 28.0% of Xos, Inc.'s outstanding common stock.

• Convertible Note Terms Amended

  The update reflects a Third Amended and Restated Convertible Promissory Note, dated May 8, 2026, for a $15.5 million principal amount.

• Drastic Conversion Price Reduction

  The conversion price for the note was significantly reduced from $71.451 per share (post-reverse split) to $12.00 per share.

• Increased Potential Dilution

  This amendment allows Aljomaih to convert the $15.5 million note into 1,291,666 shares, a substantial increase in potential shares compared to the previous conversion price.

auto_awesomeAnalysis

This filing details a significant increase in beneficial ownership for Aljomaih Automotive Co., a major shareholder, to 28.0% of Xos, Inc. This increase stems from a recent amendment to a $15.5 million convertible note, which drastically reduced the conversion price from $71.451 to $12.00 per share. This highly dilutive financing arrangement, following recent disclosures of a going concern warning and other dilutive equity proposals, indicates the company's continued financial distress and reliance on unfavorable terms to secure capital. The substantial increase in Aljomaih's potential stake under these terms is a critical development for existing shareholders.