Nasdaq Files to Delist Xos, Inc. Warrants Expiring Aug. 20

What happened

On August 19, 2026, Nasdaq Stock Market LLC filed a Form 25 with the U.S. Securities and Exchange Commission to delist and deregister a class of securities issued by Xos, Inc., a Los Angeles-based electric vehicle company. The filing specifies that the securities are "Warrants expiring 08/20/2026."

Xos, Inc. (ticker: XOS) designs and builds electric commercial vehicles, including medium-duty trucks, and sells related parts and accessories. The company's most recent annual revenue was $45.99 million, for the period ending December 31, 2025.

The Form 25 was filed under Section 12(b) of the Securities Exchange Act of 1934. The form checks the box for rule 17 CFR 240.12d2-2(a)(1), which is used when a security has reached its maturity or redemption date and is being removed from listing. It also indicates the exchange complied with its rules to strike the class from listing and registration.

On the same day, Xos stock closed at $3.50, down 5.91% from the previous close of $3.72.

The filing

The Form 25, filed by Nasdaq, is a notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. It is used when a security is no longer eligible for listing on an exchange.

In this case, the security is a warrant. Warrants are financial instruments that give the holder the right to buy a company's stock at a fixed price before a specified expiration date. The warrants here expire on August 20, 2026, which is the day after the Form 25 was filed.

The form cites rule 17 CFR 240.12d2-2(a)(1), which applies when a security has reached its maturity or redemption date. This suggests the warrants have reached the end of their contractual life and are being removed from the exchange accordingly.

What this means

A Form 25 is the official mechanism for removing a security from an exchange listing. It can be filed by the exchange or the issuer. Here, Nasdaq filed it, and the rule cited indicates the removal is due to the warrants' expiration.

This delisting applies only to the warrants, not to Xos's common stock. The company's shares remain listed on Nasdaq, as the filing does not mention common stock. The expiration of warrants is a routine contractual event: the warrants have reached the end of their term and cease to exist as tradable instruments.

Investors who hold these warrants should be aware that they will no longer trade on Nasdaq after the delisting takes effect. Normally, after a warrant expires, it has no further value unless exercised before the expiration date. The filing does not state whether any warrants were exercised before the delisting.

The exact reason for the decline in Xos's stock price on August 19 is not provided in the filing. The filing only concerns the warrants, not the common stock, so the price move may be unrelated or due to other factors.