Company: QXO-PB
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001104659-25-052059
Chunk: 22

Company: QXO, Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 22
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Description of Mandatory Convertible Preferred Stock — Mandatory Conversion.” The following table illustrates the conversion rate per share of our Mandatory Convertible Preferred Stock, subject to certain anti-dilution adjustments.

| ​ | Applicable market value ofour common stock                                                            | ​ | ​ | Conversion rate per share ofMandatory ConvertiblePreferred Stock                                                 | ​ |
| ​ | Greater than the threshold appreciation price (as defined below)                                      | ​ | ​ | 49.4740 shares of common stock                                                                                   | ​ |
| ​ | Equal to or less than the threshold appreciation price but greater than or equal to the initial price | ​ | ​ | Between 49.4740 and 60.6060 shares of common stock, determined by dividing $1,000 by the applicable market value | ​ |
| ​ | Less than the initial price                                                                           | ​ | ​ | 60.6060 shares of common stock                                                                                   | ​ |

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The following table illustrates the conversion rate per Depositary Share, subject to certain anti-dilution adjustments:

| ​ | Applicable market value ofour common stock                                                            | ​ | ​ | Conversion rate perDepositary Share                                                                         | ​ |
| ​ | Greater than the threshold appreciation price                                                         
 Equal to or less than the threshold appreciation price but greater than or equal to the initial price 
 Less than the initial price                                                                           | ​ | ​ | 2.4737 shares of common stock                                                                               
 Between 2.4737 and 3.0303 shares of common stock, determined by dividing $50 by the applicable market value 
 3.0303 shares of common stock                                                                               | ​ |

The “threshold appreciation price” equals $1,000, divided by the minimum conversion rate, rounded to the nearest $0.0001, which initially is $20.2126 and represents a premium of approximately 22.5% over the initial price. Conversion at the option of the holder Other than during a fundamental change conversion period (as defined below), at any time prior to May 15, 2028, a holder of Mandatory Convertible Preferred Stock may elect to convert such holder’s shares of our Mandatory Convertible Preferred Stock, in whole or in part, at the minimum conversion rate of 49.4740 shares of common stock per share of Mandatory Convertible Preferred Stock (equivalent to 2.4737 shares of common stock per Depositary Share) as described under the section titled “Description of Mandatory Convertible Preferred Stock — Conversion