Upexi Shares Zoom As Firm Vows To Examine Possible Stock Manipulation After Reverse Split, Grabs Retail's Attention

Shares of Upexi Inc ($UPXI) soared 290% on Friday after the firm said it will take action against an apparent stock manipulation.

Upexi is a brand owner focusing on direct-to-consumer and Amazon brands that are scalable and have anticipated high industry growth trends.

The company explained that before its required announcement regarding the reverse stock split on Sept. 27,2024, there were an estimated less than 5,000 shareholders of record. After the split, five brokerage firms have requested round-up shares equaling approximately 199,059 shares of the company's common stock out of a total of 202,183 round up shares.

This number represents approximately 19% of its outstanding shares post split and marks an increase of approximately 40 times the number of individual shareholders owning the company's common stock.

“The foregoing activity appears to have occurred during the three day trading period between the reverse split announcement and the effective date of the reverse split,” the firm said.

Upexi said the firm and its legal team are currently reviewing the foregoing trading activity to determine if such activity involved possible stock manipulation.

CEO Allan Marshall stated that the firm intends to pursue this issue to the fullest extent necessary to protect its shareholders exposed to the issue and to help other listed companies to avoid this issue going forward.

Following the announcement, Upexi became the top trending ticker on Stocktwits on Friday. Multiple users on the platform believe the stock is likely to hit the $20 mark as against its current level of near $11.

Despite the whopping rally on Friday, Upexi stock is still down over 52% on a year-to-date basis.

Also See: Align Tech’s Stock Rises On $275M Buyback Plan: Retail Mood Brightens

For updates and corrections email newsroom@stocktwits.com

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