QXO raises $620 mln, Jared Kushner joins board; stock rises on light volume
** Shares of QXO Inc QXO.O, formerly SilverSun Technologies, rise on Mon after co announced new $620 mln private placement and added Jared Kushner, son-in-law of former US president Donald Trump, to its board
** QXO shares up 2.1% at $59.83. Just about 29K shares have changed hands as of 1:40 pm ET
** IT services firm helmed by CEO Brad Jacobs early Mon said sold ~67.8 mln shares to certain investors at $9.14, including $150 mln investment from Kushner's PE firm Affinity Partners
** Kushner joins board as fifth independent director on seven-member board, effective immediately
** Co said also closed previously reported $3.5 bln private placement on Jul 19, and will have no debt and ~$5 bln of cash following closing of new placement, and investments from Jacobs' PE firm, Sequoia Heritage and others
** It plans to use proceeds of these investments to grow business though acquisitions
** Goldman Sachs and Morgan Stanley are joint lead agents for the placements
** Jacobs, executive chairman of less-than-truckload carrier XPO Inc XPO.N, in Dec announced his intention to enter building products distribution industry, completing $1 bln SilverSun deal and beginning operations under new name QXO on Jun 6
** Since then, QXO shares have traded as high as $290 (Jun 10) and as low as $40.81 (Jul 11)
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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