UPEXI, INC. Completes Acquisition
Ticker: UPXI · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1775194
| Field | Detail |
|---|---|
| Company | Upexi, Inc. (UPXI) |
| Form Type | 8-K |
| Filed Date | Jun 17, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $6,000,000, $4,000,000, $1,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, corporate-action
TL;DR
UPEXI just closed a deal, details TBD.
AI Summary
On June 13, 2024, UPEXI, INC. reported the completion of an acquisition. The filing does not specify the target company or the financial terms of the transaction. This event is categorized under "Completion of Acquisition or Disposition of Assets" and "Financial Statements and Exhibits."
Why It Matters
The completion of an acquisition can significantly alter a company's strategic direction, market position, and financial performance.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, valuation, and market reception, which are not detailed in this initial filing.
Key Players & Entities
- UPEXI, INC. (company) — Registrant
- June 13, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of Incorporation
- 3030 N. Rocky Point Drive, Suite 420 Tampa, FL 33607 (address) — Principal Executive Offices
- 701-353-5425 (phone_number) — Registrant's telephone number
FAQ
What specific assets or business was acquired by UPEXI, INC.?
The filing does not specify the details of the acquisition, only that it has been completed.
What was the financial value or consideration paid for this acquisition?
The filing does not disclose the dollar amount or any financial terms related to the acquisition.
When exactly did the acquisition officially close?
The earliest event reported date is June 13, 2024, indicating the acquisition was completed on or before this date.
Are there any exhibits attached that provide more detail on the acquisition?
The filing indicates 'Financial Statements and Exhibits' are included, suggesting further details may be available in those sections.
What is UPEXI, INC.'s primary business sector?
UPEXI, INC. is classified under MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833].
Filing Stats: 434 words · 2 min read · ~1 pages · Grade level 10.7 · Accepted 2024-06-17 16:15:19
Key Financial Figures
- $6,000,000 — chase price in the sale transaction was $6,000,000, of which (i) $4,000,000 was paid in ca
- $4,000,000 — ransaction was $6,000,000, of which (i) $4,000,000 was paid in cash at closing, (ii) $1,00
- $1,000,000 — 0,000 was paid in cash at closing, (ii) $1,000,000 is in the form of promissory notes issu
Filing Documents
- upxi_8k.htm (8-K) — 21KB
- upxi_ex101.htm (EX-10.1) — 184KB
- 0001477932-24-003725.txt ( ) — 346KB
- upxi-20240613.xsd (EX-101.SCH) — 6KB
- upxi-20240613_lab.xml (EX-101.LAB) — 13KB
- upxi-20240613_cal.xml (EX-101.CAL) — 1KB
- upxi-20240613_pre.xml (EX-101.PRE) — 8KB
- upxi-20240613_def.xml (EX-101.DEF) — 2KB
- upxi_8k_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets On June 13, 2024, Upexi, Inc. (the "Company") (NASDAQ: UPXI) closed a sale transaction in which it sold 100% of the outstanding stock of its wholly owned subsidiary VitaMedica, Inc., a Nevada corporation, to a buyer group consisting of Nutra Products LLC, a Florida limited liability company, MFA Holdings Corp. a Florida corporation, and 1000915944 Ontario Inc. an Ontario, Canada corporation (collectively the "Buyers") pursuant to the terms of a Stock Purchase Agreement dated June 1, 2024. MFA Holdings, Corp. is controlled by Allan Marshall, the Company's CEO and Chairman. The purchase price in the sale transaction was $6,000,000, of which (i) $4,000,000 was paid in cash at closing, (ii) $1,000,000 is in the form of promissory notes issued by the Buyers to the Company, which promissory notes are payable in full on the 1 year anniversary of issuance, and (iii) $1,000,000 is payable by the Buyers on the 15 month anniversary of the closing, subject to working capital adjustment.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 10.1 Stock Purchase Agreement, dated as of June 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UPEXI, INC. Dated: June 17, 2024 /s/ Andrew Nostrud Andrew Norstrud Chief Financial Officer 3