On January 13, PANews reported that according to GlobeNewswire, Upexi has announced signing a securities purchase agreement with Hivemind Capital Partners, securing approximately $36 million in convertible debentures in exchange for Solana (SOL). The debentures are collateralized by the provided SOL, with an annual interest rate of 1%, paid quarterly, and a term of 24 months. The fixed conversion price is set at $2.39 per share, which is higher than the closing price of $2.12 on the day of the agreement. After the transaction is completed, the relevant SOL will be added to the company's treasury, and Upexi expects its Solana holdings to exceed 2.4 million tokens. This issuance is conducted on a private placement basis and is not a public offering. The relevant securities are initially not registered in the U.S. and can only be resold under an effective registration statement or applicable exemptions.
Upexi Secures $36M Solana-Backed Convertible Debt Deal with Hivemind
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Summary
According to crypto price news, Upexi has secured $36 million in Solana (SOL)-backed convertible debt from Hivemind Capital Partners. The deal includes a 1% interest rate, quarterly payments, and a 24-month term. The notes are secured by SOL collateral, with a conversion price of $2.39 per share. The offering is private and not registered in the U.S. Upon completion, Upexi's treasury will hold over 2.4 million SOL.
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