Company: QXO-PB
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001104659-25-052059
Chunk: 103

Company: QXO, Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 103
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 of the table above), then the fundamental change conversion rate per Depositary Share will be the minimum conversion rate, divided by 20; and • if the stock price is less than $8.00 per share (subject to adjustment in the same manner as the column headings of the table above), then the fundamental change conversion rate per Depositary Share will be the maximum conversion rate, divided by 20. On any conversion date for our Mandatory Convertible Preferred Stock, each Depositary Share corresponding to the shares of our Mandatory Convertible Preferred Stock so converted will be entitled to receive 1/20th of the number of shares of our common stock and the amount of any cash received by the bank depositary upon conversion of each share of our Mandatory Convertible Preferred Stock. The following table illustrates the conversion rate per Depositary Share, subject to adjustment as described under the section titled “Description of Mandatory Convertible Preferred Stock — Anti-dilution Adjustments” in this prospectus supplement, based on the applicable market value of our common stock:

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

After delivery of our common stock by the transfer agent to the bank depositary following conversion of our Mandatory Convertible Preferred Stock, the bank depositary will transfer the proportional number of shares of our common stock to the holders of Depositary Shares by book-entry transfer through DTC or, if the holders’ interests are in certificated depositary receipts, by delivery of common stock certificates for such number of shares of our common stock. If we (or an applicable withholding agent) are required to withhold on distributions of common stock in respect of dividends in arrears or in respect of the net present value of future dividends to a holder (see the section titled “Material United States Federal Income Tax Consequences”) and pay the applicable withholding taxes, we may, at our option, or an applicable withholding agent may, withhold such taxes from payments of cash or shares of common stock