🔴 XOS is trading 5.6% down today after a dilutive capital raise and approval for a large stock issuance

XOS is trading 5.6% down at $2.67 after investors digested a dilutive capital raise and shareholder approval for a large potential stock issuance.

• The company announced a $6 million registered direct offering of 1.09 million shares at $5.50 per share.
• Shareholders authorized the issuance of 20% or more new shares tied to convertible notes, which is weighing on sentiment due to dilution concerns.
• The capital raise occurs as the company pursues longer-term growth plans centered around AI-related power and energy storage solutions.