Aljomaih Automotive Co. Increases Beneficial Ownership in Xos, Inc. to 28% Following Note Amendment

Aljomaih Automotive Co. and Aljomaih Holding Co. (the Reporting Persons) filed an Amendment No. 3 to their Schedule 13D for Xos, Inc. (XOS) following a significant modification to their investment terms. On May 8, 2026, the Reporting Persons entered into a Third Amended and Restated Convertible Promissory Note, which reduced the conversion price from $71.451 to $12.00 per share. As of May 11, 2026, the $15.5 million in outstanding principal is convertible into 1,291,666 shares of Common Stock. Combined with 2,446,637 shares already held directly—which includes 1,803,262 "Interest Shares" issued in August 2025 as payment for accrued interest—the Reporting Persons beneficially own 3,738,303 shares. This represents approximately 28.0% of the class. The 2026 Amendment also introduced a mandatory conversion feature if the Daily VWAP exceeds $16.00 for a specific period. The Reporting Persons are Saudi Arabian entities with diversified interests, particularly in the automotive industry, and acquired their initial position using personal funds.