By Connor Hart
Shares of Upexi more than tripled in price after the company provided clarification regarding an earlier reverse stock split, saying its legal team is reviewing trading activity to determine if stock manipulation occurred.
The stock surged 248% to $10.44 in Friday afternoon trading. Despite today's rally, the shares are down 54% this year.
The Tampa, Fla., provider of data and vertical-integration solutions to scale e-commerce brands said that it had less than 5,000 shareholders prior to its plan for a reverse stock split disclosed last month.
Post-split, five brokerage firms have requested about 199,059 roundup shares out of the 202,183 total roundup shares requested, Upexi said. The 202,183 roundup shares represent about 19% of the company's outstanding shares post-split, as well as a 40x increase in the number of individual shareholders, according to the company.
The activity, which the company said appears to have occurred during the three-day trading period between the reverse split announcement and its effective date, is being reviewed for possible stock manipulation.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 25, 2024 14:45 ET (18:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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