02:05 PM EDT, 07/22/2024 (MT Newswires) -- QXO (QXO) said Monday that it is offering $620 million of shares through a private placement with institutional and accredited investors.

Under the terms of the deal, the company is selling around 67.8 million common shares at $9.14 per share.

QXO said the private placement includes a $150 million investment from Affinity Partners. Affinity founder Jared Kushner joined QXO board, starting immediately.

The company expects to close the private placement on July 25 and on completion, QXO will have no debt on its booksm but will have $5 billion in cash after the placement.

Company shares were up 4% in recent trading.

Price: 61.00, Change: +2.39, Percent Change: +4.08