09:22 AM EDT, 07/11/2025 (MT Newswires) -- Upexi ( UPXI ) said Friday it has agreed to sell roughly 12.5 million shares at $4 per share for gross proceeds of about $50 million in a private placement.

The company's management, including CEO Allan Marshall, participated in the deal at a higher price of $4.94 per sahre, Upexi ( UPXI ) said.

The offering is expected to close around July 14, subject to standard conditions.

Upexi ( UPXI ) said it plans to use the funds for existing business operations, working capital, general business purposes and to expand its Solana cryptocurrency holdings.

Alongside the equity sale, Upexi ( UPXI ) also agreed to issue $150 million in convertible notes backed by Solana (SOL-USD), with a 2% interest rate and a 24-month term.

The notes convert at $4.25 per share and are secured by SOL tokens from the noteholders, with the offering expected to close around July 16, according to the company.

Upexi ( UPXI ) added that it expects to hold about 1.65 million SOL after the offering closes, up from 735,692 SOL held previously.