09:14 AM EDT, 07/15/2025 (MT Newswires) -- Upexi ( UPXI ) said Tuesday that it has completed a private placement equity offering of 12.5 million shares for gross proceeds of $50 million.

The company said chief executive Allan Marshall and board member Gene Salkind have bought shares at $4.94, while the remaining shares were sold at $4 each.

Upexi ( UPXI ) also said it expects to close the $150 million Solana-backed convertible note deal around Wednesday.

The company said it plans to use the proceeds to pay transaction costs, support working capital needs, and fund its previously disclosed Solana-related treasury strategy.

Shares of the company were down nearly 2% in recent Tuesday premarket activity.