Upexi (UPXI) said Friday it has agreed to sell roughly 12.5 million shares at $4 per share for gross proceeds of about $50 million in a private placement.
The company's management, including CEO Allan Marshall, participated in the deal at a higher price of $4.94 per sahre, Upexi said.
The offering is expected to close around July 14, subject to standard conditions.
Upexi said it plans to use the funds for existing business operations, working capital, general business purposes and to expand its Solana cryptocurrency holdings.
Alongside the equity sale, Upexi also agreed to issue $150 million in convertible notes backed by Solana (SOL-USD), with a 2% interest rate and a 24-month term.
The notes convert at $4.25 per share and are secured by SOL tokens from the noteholders, with the offering expected to close around July 16, according to the company.
Upexi added that it expects to hold about 1.65 million SOL after the offering closes, up from 735,692 SOL held previously.
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