Xos slashes convertible note price 83% to $12/share, adds forced conversion at $16

Filed May 13, 2026 · Period ending May 8, 2026 · ~1 min read

Key Changes

• high

  Conversion price on $20M note cut from $71.45 to $12.00 per share, allowing creditor Aljomaih to convert debt into 5.9x more shares and significantly diluting existing shareholders.

  Item 1.01 verify on EDGAR →
• high

  New mandatory conversion clause lets Xos force debt-to-equity conversion if stock trades above $16 for 20 of 30 days, giving company path to eliminate debt but triggering dilution.

  Item 1.01 verify on EDGAR →
• medium

  Third amendment to same convertible note since August 2022 issuance signals ongoing financial restructuring and potential difficulty servicing debt obligations.

  Item 9.01 verify on EDGAR →