Upexi, Inc. (UPXI) is making headlines today as its shares surged over 300% on Friday. The dramatic price jump follows an announcement by the company that it is reviewing trading activity for potential stock manipulation. The scrutiny focuses on the recent 12-for-1 reverse stock split that was completed on October 3rd.
Upexi revealed in a press release that the potential manipulation arose after the reverse stock split. Prior to the announcement of the split on September 27th, Upexi had less than 5,000 shareholders. However, post-split, five brokerage firms requested a total of 199,059 roundup shares, out of 202,183 total roundup shares requested. This significant surge in requested shares represents approximately 19% of Upexi’s outstanding stock, a substantial increase considering the previous shareholder count.
Upexi highlighted the alarming nature of this surge, stating, “It represents an increase of approximately 40 times the number of individual shareholders owning the Company’s common stock.” The company also noted that this apparent spike in activity occurred within a brief three-day trading period, spanning from the split announcement to its effective date.
The company’s shares have traded at significantly higher-than-normal volumes throughout the day. While Upexi’s average session volume over the past 100 days has been 173.61 thousand, the current session volume is an astounding 14.71 million. This staggering increase in trading activity adds weight to the company’s concerns about potential manipulation.
How to Invest in Upexi Shares
For investors seeking to acquire Upexi shares, several avenues exist. The most straightforward method is through a brokerage platform, allowing the purchase of either whole or fractional shares. Alternatively, investors can gain exposure to Upexi by acquiring shares in an exchange-traded fund (ETF) that holds the stock. This ETF approach offers diversification, as it often holds shares in various liquid and large companies within a specific sector, such as Upexi’s Consumer Staples sector.
Another option is to allocate investments within a 401(k) to a strategy that seeks to acquire shares in a mutual fund or other instrument that includes Upexi. This route offers a structured and diversified approach to investing in the company.
UPXI Price Action
As of this writing, Upexi stock is trading at $10.13 per share, a remarkable 237.7% increase from its previous closing price. The company’s investigation into potential stock manipulation is likely to be closely watched by investors, as it could significantly impact the future trajectory of UPXI shares.