Upexi Inc. experienced a 62% drop in share value following a filing with the SEC that allows investors to sell common shares. The Tampa-based company recently announced a strategy to raise $100 million to accumulate the cryptocurrency Solana. CEO Allan Marshall stressed that while investors are now eligible to sell shares, it does not imply they will. Upexi's approach includes holding digital assets in reserve, aiming for future success in the crypto market. Another firm, SharpLink Gaming, faced a similar drop due to a comparable filing.
"It's pretty standard stuff. And so when the registration went effective last night, it meant they were registered for sale," Upexi Chief Executive Officer Allan Marshall, said in an interview.
"We totally believe in the strategy and long term, one day, we believe that we'll be able to execute and the strategy's gonna be very successful for us in the future," Marshall said.
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