Item 1.01. Entry into a Material Definitive Agreement.
Xos, Inc. (the "Company") previously issued a convertible promissory note (the "Original Note") toAljomaih Automotive Co. ("Aljomaih") onAugust 11, 2022 , pursuant to the note purchase agreement, datedAugust 9, 2022 , by and between the Company andAljomaih . OnSeptember 28, 2022 , the Company andAljomaih agreed to amend and restate the Original Note (the "Amended and Restated Note") to, among other things, adjust the calculation of the shares of the Company's common stock issuable as interest (the "Interest Shares"). The Amended and Restated Note provides that if (x) the 10-day volume weighted average price ending on the trading day immediately prior to the applicable payment date (the "10-day VWAP") is greater than or equal to the Nasdaq Minimum Price (as defined in the Amended and Restated Note) or (y) the Company has received the requisite approval from its stockholders to issue Interest Shares below the conversion price or to issue more than 19.99% of the outstanding shares of Common Stock at an issue price below the Nasdaq Minimum Price, the number of Interest Shares to be issued shall be calculated based on the 10Day VWAP; otherwise, the number of Interest Shares to be issued shall be based on the Nasdaq Minimum Price. The foregoing description of the Amended and Restated Note is qualified in its entirety by reference to the full text of such agreement, which is attached to this Current Report on Form 8-K as Exhibit 4.1 and which is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 4.1 Amended and Restated Convertible Promissory Note,
dated as of
2022, by and betweenXos, Inc. andAljomaih Automotive Co. 104 iXBRL language is updated in the Exhibit Index
--------------------------------------------------------------------------------
© Edgar Online, source