02:55 PM EDT, 10/25/2024 (MT Newswires) -- Upexi ( UPXI ) shares jumped over 225% in recent Friday trading after the company said it was investigating an instance of possible stock manipulation.

The company said the activity appears to have occurred during the 3 day trading period between when it announced a reverse split of shares and when the reverse split became effective.

Prior to the reverse stock split announcement on Sept. 27, Upexi ( UPXI ) estimated it had less than 5,000 shareholders of record.

However, post-split, 5 brokerage firms requested a substantial number of "roundup shares"-specifically, 199,059 out of a total 202,183 shares requested.

"The 202,183 roundup shares requested is approximately 19% of the company's outstanding shares of common stock post-split and represents an increase of approximately 40 times the number of individual shareholders owning the company's common stock," Upexi ( UPXI ) said in a statement.

Price: 9.77, Change: +6.77, Percent Change: +225.50