TAMPA, FL – Upexi, Inc. (NASDAQ:UPXI), a consumer product development and distribution company, recently announced its financial results for the fiscal year ended June 30, 2024, and the first quarter ending September 30, 2024. The company disclosed last week that it received a Notice of Compliance from Nasdaq on November 20, 2024 , confirming that it has once again complied with the Nasdaq Listing Rule 5250(c)(1) after filing the required periodic reports. According to InvestingPro data, the stock has experienced significant volatility, with shares down nearly 80% year to date, currently trading at $4.42.
Allan Marshall, CEO of Upexi, expressed satisfaction with the company’s financial filing and highlighted the completion of several activities that were part of Upexi’s restructuring process. This restructuring resulted in a significant reduction in debt and an increase in working capital, which Marshall believes will fund operations and meet debt obligations going forward. Financial metrics from InvestingPro show that the company maintains a current ratio of 0.69 and generates annual revenue of $22.08 million, with a gross profit margin of 46.76%.
Upexi sold its equity interests in several companies, including Interactive Offers, LLC, VitaMedica, and E-Core Technology, Inc. Additionally, the company has completed selling the building. Upexi continues to operate its manufacturing and distribution facilities in Odessa, Florida, and provides warehousing, distribution, and other product sales services in Tampa, Florida. Gumi Labs, part of this operation, produces gummies and other products, including those with hemp ingredients. The production facilities are reported to be fully operational by August 2024.
The company also continues to sell and distribute its brands, which include LuckyTail, PRAX, Cure Mushrooms, and Moonwlkr.
This press release from Upexi also contains forward-looking statements about future operations and potential acquisitions. The Company acknowledges that actual results may differ from those in forward-looking statements and does not undertake any obligation to update these statements.
The information reported is based on a press release and is intended to provide investors with the latest financial compliance and operating status of Upexi, Inc. InvestingPro’s analysis suggests that the stock is currently undervalued, although investors should note that analysts are not expecting a profit from this. a year. For full details and additional ProTips on Upexi’s financial status and market conditions, investors can access the detailed Pro Research report, available only to InvestingPro subscribers.
In other recent news, Upexi, Inc. has been actively investigating unusual trading activity following its recent stock split. The company reported a large increase in shareholder numbers shortly after the announcement, raising concerns about potential fraud. Upexi’s legal team is currently reviewing the transaction to determine the presence of any fraudulent practices.
Meanwhile, Upexi has made significant strides in its restructuring efforts, reducing its debt by $16.1 million through asset sales and operational consolidation. The company received an additional 180 days to meet the Nasdaq Capital Market’s minimum bid price requirement, according to its latest SEC filing.
In addition, Upexi authorized a 20-to-1 stock split to meet NASDAQ’s minimum value requirements, intended to reduce the number of shares outstanding and increase the value of each share. This is among Upexi’s latest developments. The company also engaged GBQ Partners LLC to audit its financial statements for the fiscal years ending June 30, 2023, and 2024, ensuring financial transparency.
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