Business
Upexi Voluntarily Terminates Acquisition of Superfoods Brand
CLEARWATER, FL / ACCESSWIRE / June 20, 2023 / Upexi Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer brand owner
About this update from Upexi, Inc.
[{"type":"text","content":"CLEARWATER, FL / ACCESSWIRE / June 20, 2023 / Upexi Inc. (NASDAQ:UPXI) (the \"Company\" or \"Upexi\"), a multi-faceted Amazon and Direct-to-Consumer brand owner and innovator in aggregation, today announced the voluntary termination of the previously announced acquisition of a brand specializing in the superfoods company.Company management has determined that the overall transaction value for shareholders did not make sense in the current market environment, and that reinvesting that capital in growth initiatives for current brands and other businesses should result in a better opportunity for the overall growth and profitability of the Company.Upexi's CEO, Allan Marshall, commented, \"As our current business continues to grow, the partnerships and product launches throughout the remainder of 2023 give us numerous opportunities across all our brands to invest in this anticipated growth. We do not presently believe that issuing equity, given the current market conditions, is in the best interest of the Company or our shareholders. As a result, we plan to focus on investing the Company's available capital in internal initiatives. It is our belief that these actions will generate more value than the contemplated superfoods brand acquisition.\"About Upexi, Inc.:Upexi is a multifaceted 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.FORWARD LOOKING STATEMENTS:This news release contains \"forward-looking statements\" as that term is defined in Section 27A of t...