QXO falls after announcing pricing of common stock offering

Shares of building products distributor QXO QXO.N down 5% at $22.33 in premarket trading

QXO announces $2 bln common stock offering at $22.25 per share, an almost 5% discount from stock's last close of $23.50

Underwriters have option to buy additional $300 mln shares; Goldman Sachs, Morgan Stanley and Wells Fargo Securities to act as underwriters

Co intends to use net proceeds from the offering for general corporate purposes, including funding future acquisitions

Co made an offer last week to acquire GMS GMS.N for about $5 bln, threatening a hostile takeover if the bid wasn't accepted

They also closed a $11 bln deal to buy Beacon Roofing Supply BECN.O this year with CEO Brad Jacobs targeting $50 bln in annual revenue over the next decade through acquisitions and organic growth

As of last close, stock is up 47.8% YTD