On July 8, QXO Inc fell 5.18% in regular trading, trading at $14.46 per share, with turnover of approximately $139 million. The decline was driven by a dual blow from S&P downgrading the company's rating in connection with the TopBuild acquisition, combined with merger consideration election results revealing that 91% of TopBuild shareholders opted for the cash alternative.

Under the election results, each TopBuild share held by cash-electing shareholders will receive $249.71 in cash plus 10.21 shares of QXO stock. The overwhelmingly cash-heavy preference far exceeded the 45% cash cap originally structured in the deal terms, intensifying market concerns over QXO's post-merger financial leverage. QXO officially completed its approximately $17 billion acquisition of TopBuild on July 1, having issued $3 billion in senior notes — split between 6.5% notes due 2031 and 6.875% notes due 2034 — along with new term loan borrowings to fund the transaction.

The combined entity expects at least $300 million in annual synergies by 2030, though the elevated debt burden following the acquisition continues to weigh on near-term investor sentiment.

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