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Upexi, Inc. (NASDAQ:UPXI), a $415 million market cap company whose stock has seen a remarkable 93% surge over the past six months, announced Wednesday that shareholders approved two proposals at a special meeting held Tuesday, according to a statement based on a recent SEC filing.
The first proposal, to increase the number of shares available under the company’s Incentive Plan from 10,000,000 to 25,000,000 shares, was approved by a majority of votes. Of the 26,469,737 shares represented at the meeting, 23,258,140 were voted in favor, 160,274 against, and 3,051,323 withheld. The shares represented accounted for 66.62% of Upexi’s total outstanding shares.
The second proposal authorized the issuance of common stock under a securities purchase agreement with Alliance Global Partners/A.G.P. that could exceed 20% of the company’s outstanding shares as of the agreement’s execution date. Shareholders voted 23,371,125 in favor, 45,878 against, and 3,052,734 withheld.
Both proposals required shareholder approval to proceed, as outlined in the company’s filing with the Securities and Exchange Commission. The company’s common stock trades on the NASDAQ under the symbol UPXI.
The information in this article is based on a press release statement and a related SEC filing.
In other recent news, Upexi, Inc. has made significant financial maneuvers, starting with the announcement of a $500 million equity line agreement with A.G.P./Alliance Global Partners (NYSE:GLP). This agreement allows Upexi to sell its common stock at its discretion, providing the company with increased financial flexibility. Proceeds from this agreement are earmarked for general corporate purposes and the expansion of its Solana cryptocurrency treasury strategy. Additionally, Upexi has purchased 83,000 Solana (SOL) tokens for $16.7 million, further solidifying its cryptocurrency holdings. This acquisition has increased the company’s total SOL holdings to 1.9 million tokens, valued at approximately $381 million. In another strategic move, Upexi acquired an additional 100,000 SOL tokens for $17.7 million, bringing its total to 1,818,809 SOL, worth around $331 million. These purchases follow a successful closing of a $200 million equity and convertible notes private placement. The expansion of Upexi’s Solana holdings has been substantial, with a 147% increase from the end of June.
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