04:53 AM EDT, 06/14/2024 (MT Newswires) -- QXO (QXO) said late Thursday it has agreed to $3.5 billion in financing via a private placement of shares and warrants with institutional and accredited investors.

Under the terms of the deal, the company is selling around 340.9 million common shares for $9.14 per share, and 42 million pre-funded warrants for $9.13999 per warrant.

QXO said it has obtained shareholder approval for the private placement, which is expected to close in early Q3.

Shares of the company fell 8.5% in premarket activity Friday.

Price: 188.00, Change: -17.40, Percent Change: -8.47