TAMPA, FL / ACCESSWIRE / October 25, 2024 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer brand owner and innovator in aggregation, announces an issue affecting the Company's shareholders in regard to the recently completed reverse stock split.
Prior to the Company's required announcement regarding the reverse stock split on September 27,2024, Upexi estimates there were less than 5,000 shareholders of record. Post-split 5 Brokerage firms have requested roundup shares equaling approximately 199,059 shares of the Company's common stock out of a total of 202,183 round up shares of the Company's common stock 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. The foregoing activity appears to have occurred during the 3 day trading period between the reverse split announcement and the effective date of the reverse split.
The Company and its legal team are currently reviewing the foregoing trading activity to determine if such activity involved possible stock manipulation.
Allan Marshall, the Company's Chief Executive Officer, stated, "The Company intends to pursue this issue to the fullest extent necessary to protect the Company's shareholders exposed to the issue and to help other listed companies to avoid this issue going forward."
About Upexi, Inc.:
Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies.
SOURCE: Upexi
