Upexi, Adopting Solana Financial Strategy, Sees Stock Plunge by 60% Due to Oversupply from 43 Million Share Resale Registration

The stock price of Upexi (UPXI), an e-commerce company listed on Nasdaq, plummeted by about 60% at the opening of the US market on Tuesday. The cause appears to be a supply shock of the same scale as the new share issuance in April, triggered by investors registering 43.8 million shares for resale.

According to the prospectus filed on Monday, buyers are looking to sell 35.97 million ordinary shares and 7.89 million prepaid warrants. The company will only receive $7,890 upon the exercise of these warrants, and will not earn any revenue from the sale of the shares.

Based in Florida, the company closed Monday's trading at $9.25 per share, with a market capitalization of $379 million. However, concerns over increased supply led to...