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Xos, Inc. (NASDAQ:XOS), currently trading near its InvestingPro Fair Value with a market capitalization of $31.34 million, announced Thursday that it has entered into a letter agreement with Aljomaih Automotive Co., clarifying the terms of its existing convertible promissory note and imposing a cap on the number of common shares that may be issued in connection with interest payments.
According to a statement based on the company’s SEC filing, the agreement, effective as of August 8, 2025, establishes that the aggregate number of shares of common stock deliverable or previously delivered for interest payments and conversions under the note shall not exceed 1,737,247 shares, subject to adjustment. This figure represents 19.99% of Xos’s outstanding common shares as of August 8, 2025, immediately before the amendments.
The letter further specifies that any interest amounts exceeding the permitted share issuance will be payable in cash within five business days of the earlier of August 11, 2026, or the date the company receives shareholder approval to issue more than the set limit in connection with the note’s conversion.
The agreement applies to scheduled and future interest payments, including the payment scheduled for August 25, 2025. The filing states that the amendment aims to clarify provisions in the convertible note and set clear limitations on equity issuance.
Xos’s common stock and warrants are listed on the Nasdaq Capital Market under the symbols NASDAQ:XOS and NASDAQ:XOSWW, respectively.
The information in this article is based on a press release statement contained in a recent SEC filing.
In other recent news, Xos Inc reported a record revenue of $18.4 million for the second quarter of 2025. Despite this achievement, the company’s gross margin decreased to 8.8% from 20.6% in the previous quarter. The earnings results highlight a mixed financial performance with significant revenue growth but declining profitability margins. These developments come amid a fluctuating stock performance, though specific stock price movements are not the focus here. Investors and analysts are likely to scrutinize these figures closely, given the implications for the company’s future financial health. The recent earnings report is part of a broader set of developments surrounding Xos Inc, which may influence investor sentiment.
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