Aljomaih Automotive Co. 4

What Happened

• Aljomaih Automotive Co., a reported 10% owner of Xos, converted accrued interest on a convertible note into 1,803,262 shares of Xos common stock. The conversion covered $6,010,959 of accrued interest and used the note’s market-based 10-day VWAP conversion price of $3.33338 per share (measured Aug 25, 2025). This was an issuance/receipt of shares as payment of interest, not a sale of stock. The convertible note’s principal remained outstanding after the transaction.

Key Details

• Transaction date: August 25, 2025 (reported on Form 4 filed May 8, 2026 — filing was late).
• Shares issued: 1,803,262 Interest Shares; interest amount converted: $6,010,959.
• Conversion price for interest: 10‑day VWAP = $3.33338 per share.
• Principal conversion terms: principal convertible at holder’s election at $71.451 per share; $20,000,000 principal was convertible into 279,912 shares at that rate (principal remained outstanding).
• This was a conversion of accrued interest (not a sale or open-market purchase) per filing footnotes.
• Shares owned after the transaction: not specified in the filing.

Context

• This was an institutional/10%‑owner transaction (Aljomaih Automotive), not an executive trade. The filing reflects an in-kind interest payment (shares issued instead of cash) under a convertible note; it does not necessarily indicate a change in trading intent. The principal balance of the note remains convertible under the note’s terms.