Shares of Upexi, Inc. (UPXI) soared over 530% on Monday morning after the company announced a private placement of $100 million to fund the accumulation of cryptocurrency Solano.
UPXI is currently trading at $14.26, up $11.99 or 537.23%, on a huge volume of 50 million shares, compared to the average volume of 140 thousand, on the Nasdaq. The stock opened its trading at $10.24 after closing Friday at $2.27. The stock has traded between $1.90 and $15.91 in the past 52-week period.
Upexi announced the sale of about 44 million common shares for $2.28 per share for proceeds of around $100 million.
GSR acted as the lead investor, and the offering included participation by many prominent crypto venture capital firms such as Big Brain, Anagram, Delphi Ventures, White Star Capital, Maelstrom, the family office of Arthur Hayes, Hivemind, Borderless, Morgan Creek, Elune Capital, and Delta Blockchain Fund, among others, as well as prominent angels including Austin Federa, Frank Chaparro, Joey Krug, Bartosz Lipinski, Larry Wu, and Jordan Prince, among others including Allan Marshall, Upexi's CEO.
The closing of the offering is expected to occur on or about April 24, 2025.
The company plans to use about $5.3 million for working capital and debt reduction, with the remaining funds to be used for the establishment of the company's Solana treasury operations and accumulation of Solana.
For comments and feedback: editorial@rttnews.com