Upexi Inc., a consumer products company with growing exposure to cryptocurrency, announced on Friday that it has entered into agreements to raise approximately $200 million through concurrent equity and convertible note offerings. The proceeds are set to expand its Solana holdings and support business operations.
The equity offering, expected to close around July 14, will issue approximately 12.5 million shares of common stock at $4.00 per share to institutional investors and $4.94 per share for management participants, including CEO Allan Marshall. Upexi projects gross proceeds of about $50 million before placement agent fees and expenses.
Separately, the company signed agreements for a $150 million convertible note offering with institutional investors and qualified purchasers, led by Big Brain Holdings. The note offering is scheduled to close around July 16.
Solana-Focused Strategy
Upexi said it plans to use a significant share of the equity proceeds to acquire additional Solana (SOL) in the coming weeks, aligning with its ongoing digital asset strategy. The company expects its Solana treasury to increase to roughly 1.65 million SOL after the note offering, more than doubling the previously reported balance of around 735,000 SOL.
The convertible notes carry an interest rate of 2.0% paid quarterly, mature in 24 months, and include a fixed conversion price of $4.25 per share. The notes are collateralized by SOL provided by the investors and will become part of Upexi’s Solana holdings once the transaction is complete.
Private Placement, Not for Public Sale
Both offerings are being conducted as private placements under exemptions from registration provided by the Securities Act of 1933. The securities involved have not been registered under U.S. federal or state securities laws, and the company emphasized that they cannot be offered or sold publicly without proper registration or an applicable exemption.
