Upexi, a listed company, announced a simultaneous private placement of $200 million in common stock and convertible notes to purchase SOL
PANews reported on July 11 that Nasdaq-listed company Upexi announced that it has entered into a securities purchase agreement with certain qualified investors, qualified purchasers and institutional investors and the company's CEO Allan Marshall to purchase and sell 12,457,186 shares of common stock (or alternative common stock equivalents) at a price of US$4.00 per share (management participation price is US$4.94 per share) for total proceeds of approximately US$50 million (the "Equity Offering").
Concurrently with the Equity Offering, additional securities purchase agreements have been entered into with certain institutional investors and qualified purchasers to purchase Convertible Notes, in the form of locked and spot SOLs, for a total original principal amount of approximately $150 million (the "Note Offering"). The Convertible Notes are collateralized by SOLs provided by their respective holders. The Convertible Notes bear interest at 2.0%, payable quarterly, with a fixed conversion price of $4.25 per share and a term of 24 months. Big Brain Holdings is the lead investor.
The note issuance is expected to be completed on or about July 16, 2025, subject to customary closing conditions. The SOL (Solana) underlying the note issuance will become part of the company's Solana asset pool upon completion of the transaction. It is expected that approximately 1.65 million SOL will be held after the bond issuance, more than double the previously disclosed balance of 735,692 SOL. The net proceeds from the stock issuance will be used to acquire more SOL in the coming weeks.
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