QXO Inc. (QXO) Rockets 18% as New Investor Places $1.2-Billion Bet

We recently published 10 Stocks With Easy Double-Digit Gains. QXO, Inc. (NYSE:QXO) was one of the top performers on Monday.

QXO soared by 18.15 percent on Monday to close at $23.30 apiece after raising $1.2 billion in fresh funds from Apollo Global Management, Inc., in support of the former’s plans to acquire one or two more companies over the next six months.

In a statement, QXO, Inc. (NYSE:QXO) said that Apollo Global acquired $1.2 billion worth of convertible perpetual preferred shares in the company, proceeds of which would help finance one or more qualifying acquisitions through July 15.

QXO employees on the job. Photo grabbed from QXO website

QXO, Inc. (NYSE:QXO) said that the commitment can be extended by an additional 12 months if a definitive acquisition agreement is executed before the initial commitment period expires.

Additionally, QXO, Inc. (NYSE:QXO) would pay Apollo a dividend rate of 4.75 percent per annum, while the shares can be converted into common shares at an initial conversion price of $23.25 apiece.

In other news, QXO, Inc. (NYSE:QXO) Chairman and CEO Brad Jacobs officially stepped down last week from his chairmanship roles at XPO, Inc. and GXO Logistics, Inc. in line with his plan to dedicate his focus to QXO, Inc. (NYSE:QXO), in support of the latter’s target of becoming a $50 billion revenue company.

“By transitioning out of my board positions at XPO and GXO, I can dedicate even more energy to QXO and Jacobs Private Equity. We intend to grow QXO into a $50 billion revenue leader in building products distribution through accretive acquisitions and organic growth,” Jacobs said.

“XPO and GXO are in excellent shape, and their prospects are very bright.”

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Disclosure: None. This article is originally published at Insider Monkey.