Company: QXO-PB
Filing Date: 2025-05-27
Form Type: 8-K
Source: 0001104659-25-052978
Chunk: 1

Company: QXO, Inc.
Filing Date: 2025-05-27
Form: 8-K
Item: Item 3.03
Chunk 1
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Item 3.03      Material Modification to Rights of Security Holders.  

On May 27, 2025, the Company filed the Certificate
of Designations with the Secretary of State of the State of Delaware to establish the preferences, limitations and relative rights of
the Preferred Stock. The Certificate of Designations became effective upon filing.

Subject to certain exceptions, so long as any share
of Preferred Stock remains outstanding, no dividend or distribution will be declared or paid on the common stock, par value $0.00001 per
share, of the Company (the “ Common Stock”) or any other shares of junior stock, and no Common Stock or other junior stock
or parity stock will be, directly or indirectly, purchased, redeemed or otherwise acquired for consideration by the Company or any of
its subsidiaries unless all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid upon, or a
sufficient sum or number of shares of Common Stock have been set apart for the payment of such dividends upon, all outstanding shares
of Preferred Stock.

Holders of the Depositary Shares will be entitled to a proportional
fractional interest in the rights and preferences of the Preferred Stock, including conversion, dividend, liquidation and voting rights,
subject to the provisions of the Deposit Agreement. The Preferred Stock will accumulate dividends (which may be paid in cash or, subject
to certain limitations, in shares of Common Stock or in any combination of cash and Common Stock) at a rate per annum equal to 5.50% on
the liquidation preference thereof, which is $1,000 per share, payable when, as and if declared by the Company’s board of directors
(or an authorized committee thereof), on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2025 and
ending on, and including, May 15, 2028. Unless earlier converted, each outstanding share of Preferred Stock will automatically convert
for settlement on or about May 15, 2028, into between 49.4740 and 60.6060 shares of Common Stock (and, correspondingly, each Depositary
Share will automatically convert into between 2.4737 and 3.0303 shares of Common Stock), subject to customary anti-dilution adjustments,
determined based on the average volume-weighted average price of the Common Stock over the 20 consecutive trading day period beginning
on, and including, the 21sts