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Investing.com -- Upexi Inc (NASDAQ:UPXI) stock rose 5.1% in pre-market trading after the consumer products brand owner announced it has entered into an equity line agreement with A.G.P./Alliance Global Partners (NYSE:GLP), allowing the company to sell up to $500 million of its common stock at its discretion.
The agreement, which included no commitment fee, provides Upexi with additional flexibility to raise capital and increase its position in Solana cryptocurrency. Any proceeds from the equity line will be used for general corporate purposes and to further the company’s Solana treasury strategy.
"The equity line gives Upexi additional means and flexibility to raise capital and increase its Solana position," said Allan Marshall, Upexi’s Chief Executive Officer. "The equity line was negotiated with zero fees and particularly friendly terms, and represents an attractive cost of capital."
The company noted that it now has multiple tools to raise capital in what it describes as a cost-effective and accretive manner to build on its growing Solana treasury. A.G.P./Alliance Global Partners is acting as the sole sales agent for the equity line arrangement.
Upexi specializes in the development, manufacturing, and distribution of consumer products and has recently diversified into the cryptocurrency space, specifically focusing on Solana as part of its treasury strategy.
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