Upexi (NASDAQ:UPXI) shares are tanking today after it announced a registered direct stock offering worth $7 million. The company operates brands across multiple segments including health, wellness, pet, and beauty.
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Upexi has entered into agreements with institutional and accredited investors for the purchase and sale of nearly 2.12 million shares at a purchase price of $3.30 apiece.
The offer is anticipated to close on or about May 16 and is subject to closing conditions. Shares of the company are down nearly 17.3% at the time of publishing today on nearly 4.5 times the average trading volume over the past three months.
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