Xos Inc. (NASDAQ: XOS) amended terms of a convertible promissory note with Aljomaih Automotive Co. on May 8, 2026, according to a company statement.

The electric vehicle manufacturer reduced the conversion price of the note from $71.451 per share to $12.00 per share of common stock. The original note was issued to Aljomaih on August 11, 2022, for $20 million in principal.

The amended agreement adds a mandatory conversion feature allowing Xos to compel conversion if the daily volume-weighted average price of its common stock exceeds $16.00 per share for at least 20 out of 30 consecutive trading days.

The conversion price reflects adjustments for a 1-for-30 reverse stock split that Xos completed on December 6, 2023. Both the new conversion price and mandatory conversion threshold are subject to customary proportional adjustments.

The company stated that other material terms of the convertible note remain unchanged.