Xos Inc. (NASDAQ: XOS) announced it entered into a securities purchase agreement with institutional investors for a registered direct offering of 1,090,910 shares of common stock at $5.50 per share. The electric commercial vehicle company expects to receive approximately $6 million in gross proceeds before deducting offering expenses.

The company plans to use net proceeds to fund growth initiatives, including expansion of its Power Hub and energy storage business into grid-independent power markets serving AI data centers and industrial facilities. Additional funds will support working capital, general corporate purposes, and debt repayment.

Roth Capital Partners serves as the exclusive placement agent for the offering, which is expected to close on or about June 5, 2026, subject to customary closing conditions.

The shares are being offered under a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission. The offering is priced at-the-market under Nasdaq rules.

Xos designs and manufactures electric commercial vehicles and energy storage systems for fleet operations. The company's product portfolio includes electric stepvans for delivery, Class 8 electric trucks, and mobile charging solutions. The company is headquartered in Los Angeles with production operations in Byrdstown, Tennessee.