Upexi (NASDAQ:UPXI) shares are tanking today after it announced a registered direct stock offering worth $7 million. The company operates brands across multiple segments including health, wellness, pet, and beauty.
Upexi has entered into agreements with institutional and accredited investors for the purchase and sale of nearly 2.12 million shares at a purchase price of $3.30 apiece.
The offer is anticipated to close on or about May 16 and is subject to closing conditions. Shares of the company are down nearly 17.3% at the time of publishing today on nearly 4.5 times the average trading volume over the past three months.
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