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Quick take:
The consumer goods company sold 12,457,186 shares, with investors paying $4.00 per share and $4.94 per share for management’s participation.
The equity offering is expected to close on July 14, upon satisfying customary closing conditions.
Big Brain Capital led the convertible note sale, with investors paying a fixed conversion rate of $4.25 per share in exchange for locked SOL, and earning 2% quarterly interest.
Upexi, Inc. (NASDAQ: UPXI) has announced a $200 million private investment in public equity (PIPE) offering to fund a digital asset treasury focused on Solana (SOL). The placement is comprised of two vehicles, including the sale and purchase of shares of common stock of the company for $50 million and a convertible note for $150 million.
According to a press release seen by NFTgators on Friday, the consumer goods company sold 12,457,186 shares of common stock, with investors paying $4.00 per share and $4.94 per share for management’s participation, for an aggregate gross proceeds of $50 million, before deducting fees.
The equity offering is expected to close on July 14, upon satisfying customary closing conditions. “The Company expects to use a portion of the proceeds from the Equity Offering to fund the Company’s existing business operations and for working capital and general corporate purposes, and the balance of the net proceeds shall be used to fund the Company’s Solana treasury strategy,” Upexi wrote in the release.
On the other hand, Big Brain Capital led the convertible note sale, with investors paying a fixed conversion rate of $4.25 per share in exchange for locked SOL, earning 2% quarterly interest, and a maturity of 24 months.
The closing of the note offering is expected to close on July 16, upon satisfying customary closing conditions, with SOL underlying the Note Offering immediately becoming part of Upexi’s Solana treasury.
The company expects to hold 1.65 million SOL upon close of the Note Offering, more than doubling the previously disclosed balance of 735,692 SOL.
In April, Upexi raised $100 million in a private placement led by GSR to buy Solana tokens.
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