DENVER, Colo., 05 August, 2024 (247marketnews.com) – (Nasdaq:UPXI) are discussed in this article.
Upexi, Inc. (UPXI) demonstrated significant bullish momentum by opening at $0.251 and currently trading at $0.460, marking a substantial 65.34% increase. This rise follows a previous session close of $0.277, indicating notable investor interest and strong intraday performance. High trading volume of 6.2 million shares reinforces this robust market activity, suggesting a potential continuation of the upward trend. Key support and resistance levels stand at $0.277 and $0.460, respectively, crucial for future price assessments.
In tandem with this market activity, Upexi, Inc. announced a strategic restructuring plan aimed at reducing debt and bolstering working capital through strategic asset sales. The initiative, which includes several transactions, has significantly strengthened the company’s financial footing, enhancing its potential for sustained growth. Notably, Upexi has eliminated $16.1 million in debt and accrued interest, added $7.4 million in cash to its balance sheet, and reduced excess operational costs by approximately $1.5 million without compromising operations.
CEO Allan Marshall expressed confidence in the restructuring process, which allows the company to focus on key business segments in Contract Manufacturing, Logistics, and remaining DTC operations in Pets, Health, and CBD. Highlights of the transactions include the sale of E-core/Neti and Tytan Tiles, which reduced debt by approximately $12 million and increased cash by $2 million, and the consolidation of two locations into a single facility, resulting in significant cost savings. Additionally, the sale of a warehouse and a wholly-owned subsidiary further streamlined operations while enhancing liquidity.
Looking ahead, Upexi plans to file its Form 10-K for the fiscal year ended June 30, 2024, in September. This filing will provide a comprehensive financial and business overview, along with updates to its corporate website and investor presentation. Upexi’s strategic focus remains on driving organic growth and acquiring scalable, profitable Amazon and eCommerce businesses. The current restructuring positions Upexi to capitalize on high-growth market trends and deliver sustained value to shareholders.
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