Upexi Regains Nasdaq Compliance, According to Financial Reports By Investing.com

TAMPA, FL – Upexi, Inc. (NASDAQ:UPXI), a consumer products development and distribution brand, recently announced its financial results for the fiscal year ended June 30, 2024 and for the first quarter ended September 30, 2024. The company disclosed last week that it received a Notice of Compliance from Nasdaq on November 20, 2024, confirming that it had regained compliance with the listing rule of Nasdaq. 5250(c)(1) after submitting the required periodic reports. According to data from InvestingPro, the stock has seen significant volatility, falling approximately 80% so far this year and currently trading at $4.42.

Allan Marshall, CEO of Upexi, expressed his satisfaction with the company’s financial reports and highlighted the completion of several transactions that were part of Upexi’s restructuring process. This restructuring has led to a significant decrease in debt and an increase in working capital, which Marshall believes will fund operations and meet debt obligations going forward. InvestingPro’s financial metrics show that the company maintains a current ratio of 0.69 and generates annual revenue of $22.08 million, with a healthy gross profit margin of 46.76%.

Upexi has sold its equity interests in several entities, including Interactive Offers, LLC, VitaMedica, and E-Core Technology, Inc. Additionally, the company has completed the sale of a building. Upexi continues to operate its manufacturing and distribution centers in Odessa, Florida, and provides warehousing, distribution and other services for the sale of products in Tampa, Florida. Gumi Labs, which is part of these operations, manufactures gummies and other products, including those with hemp ingredients. The manufacturing facilities will reportedly be operating at full capacity by August 2024.

The company also continues to market and distribute its brands, which include LuckyTail, PRAX, Cure Mushrooms and Moonwlkr.

This Upexi press release also contains forward-looking statements regarding future operations and possible acquisitions. The company acknowledges that actual results may differ from those in the forward-looking statements and it undertakes no obligation to update these statements.

The information provided is based on a press release and is intended to provide investors with the latest financial performance and operating status of Upexi, Inc. InvestingPro’s analysis suggests the stock is currently undervalued, although investors should note Note that analysts do not expect profitability at this time. year. For complete insights and additional ProTips on Upexi’s financial health and market position, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Upexi, Inc. has been actively investigating unusual trading activities following its recent reverse stock split. The company reported a substantial increase in the number of shareholders immediately after the announcement, raising concerns about possible stock manipulation. Upexi’s legal team is currently reviewing operations to determine the presence of manipulative practices.

Meanwhile, Upexi has made significant progress in its restructuring efforts, reducing its debt by $16.1 million through asset sales and operational consolidation. The company was given an additional 180 days to comply with the Nasdaq Capital Market’s minimum offering price requirement, according to its recent SEC filing.

Additionally, Upexi has approved a 20-to-1 reverse stock split to meet the NASDAQ’s minimum share price requirements, with the goal of reducing the number of shares outstanding and increasing the price per share. These are among the latest developments from Upexi. The company also hired GBQ Partners LLC to audit its financial statements for the fiscal years ended June 30, 2023 and 2024, ensuring financial transparency.

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