Business
Upexi Eliminates Outstanding Balance of $15 Million Senior Secured Debt and Plans to Terminate Underlying Registration Statement
Balance sheet strengthened and approximately $900,000 in annualized interest savings is expected CLEARWATER, Fla., Nov. 3, 2022 /PRNewswire/ -- Upexi Inc.
About this update from Upexi, Inc.
[{"type":"text","content":"Balance sheet strengthened and approximately $900,000 in annualized interest savings is expected \nCLEARWATER, Fla., Nov. 3, 2022 /PRNewswire/ -- Upexi Inc. (NASDAQ: UPXI) (the \"Company\" or \"Upexi\"), a multi-faceted brand owner and innovator in aggregation, today announced the payoff of the outstanding balance on its $15 million senior secured debt facility, its plans to terminate the registration statement covering the loan, and the termination of the agreement with lenders. The elimination of this loan is expected to reduce annualized interest expense by approximately $900,000.\nThe sale of CBD assets gave the Company flexibility to cut overall expenses.\nAllan Marshall, CEO of Upexi, commented, \"Our team's focus is to maximize every percentage point of expense and margin for overall maximum profitability. Our current balance sheet allows Upexi to work with commercial lenders at a more attractive rate going forward.\"\nAbout Upexi, Inc. Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies. We utilize our in-house, SaaS programmatic ad technology to help achieve a lower cost per acquisition and accumulate consumer data for increased cross-selling between our growing portfolio of brands.\nForward Looking Statements:This news release contains \"forward-looking statements\" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could ...