In trading on Wednesday, shares of QXO Inc’s Dep Shares RPRSTG 5.50% Series B Mandatory Convertible Preferred Stock (Symbol: QXO.PRB) yielded over 6%, with a quarterly dividend annualized at $2.75 and trading as low as $43.41. In contrast, the average yield in the “Application Software” preferred stock category is 6.68%. As of the last close, QXO.PRB was trading at a 5.48% discount to its liquidation preference, significantly better than the category average discount of 18.06%.
On the same day, QXO.PRB fell approximately 8.2%, while common shares (Symbol: QXO) decreased about 9.4%. The preferred shares have a conversion ratio ranging from 2.4737 to 3.0303.
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