BUZZ-QXO falls after announcing pricing of common stock offering
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Shares of QXO fell 5% to $22.33 in premarket trading after announcing a $2 billion common stock offering at $22.25 per share, a nearly 5% discount from the last close of $23.50. The offering includes an option for underwriters to purchase an additional $300 million in shares. Proceeds will be used for general corporate purposes, including funding future acquisitions. QXO recently made a $5 billion offer to acquire GMS and completed an $11 billion deal for Beacon Roofing Supply, aiming for $50 billion in annual revenue over the next decade.
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