Upexi prices up to $23M private placement offering above at-the-market price

Upexi ( UPXI ) stock was trading higher as the Solana-focused digital asset treasury company announced the pricing of an up to $23M private placement offering above the at-the-market price. Shares were +1.34% Wednesday pre-market to $3.03, and had closed +6.41% at $2.99 on Tuesday. The Tampa, FL-based consumer products manufacturer entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 3.3M shares of common stock and warrants to purchase up to 3.3M shares of common stock at a combined purchase price of $3.04. The warrants, immediately exercisable and expiring in 48 months from issuance, will have an exercise price of $4.00. Gross proceeds are expected to be ~$10M, with an additional up to $13M received following the cash exercise of warrants. The offering is expected to close on or about December 1. Net proceeds are set to be used for working capital, general corporate purposes and internally managed, SOL maximum return strategy.