QXO Sinks In Pre-market On Announcing Private Placement Financing

(RTTNews) - Shares of QXO Inc were falling more than 40 percent in pre-market on Friday to $120.51, after the building products distribution company announced private placement financing with certain institutional and accredited investors to raise $3.5 billion.

The company is selling 340.93 million common shares at $9.14 per share, and 42 million pre-funded warrants at $9.13999 per warrant.

The private placement is expected to close early in the third quarter.

QXO shares had closed at $205.40, up 14.55 percent on Thursday. The stock has traded in the range of $23.92 - $290.00 in the last 52 weeks.