04:15 AM EDT, 07/30/2024 (MT Newswires) -- QXO (QXO) said late Monday that it filed a prospectus supplement covering the resale by certain selling security holders of about 789.5 million shares.

The common stock resale consists of about 395.3 million shares outstanding, roughly 197.1 million shares issuable upon the conversion of shares of the company's convertible perpetual preferred stock, and over 197.1 million shares issuable upon the exercise of warrants to purchase common stock.

In addition, the selling security holders plan to resell 900,000 shares of preferred stock and about 197.1 million warrants.

Shares of the company plummeted 78% in premarket activity Tuesday.

Price: 14.00, Change: -46.50, Percent Change: -76.86