Xos Inc is trading 7% down today at $4.91 in pre-market action following a sharp selloff tied to a discounted equity raise.
- The company announced a $6 million registered direct offering of 1,090,910 common shares priced at $5.50 per share.
- Shares fell 36.3% during the previous session as the offering sparked concerns regarding share dilution and profit-taking.
- The offering price represents a discount to recent highs, contributing to the continued downward pressure on the stock.