Upexi, Inc. (NasdaqCM:UPXI) is providing shareholders with a update on its restructuring to reduce debt and increase working capital through the sale of assets. As previously announced, the Upexi management team and the Board of Directors are exploring strategic alternatives for the Company to maximize current and future shareholder value. On June 13, 2024, the Company sold 100% of the outstanding stock of its wholly owned subsidiary VitaMedica.

The value received from this sale will eliminate some of the current debt and provide the necessary working capital for other business units to grow. Upexi Distribution will continue to provide services to the brand through the transition services agreement. In addition, the Company has a contract to sell the warehouse located in Clearwater, Florida, which is expected to close in the middle of July and eliminate approximately $2.6 million in debt and provide approximately $1.4 million in cash for working capital.

The Company plans to continue to evaluate alternatives, which may include the sale of other business units to eliminate outstanding debt and free up cash to reinvest and grow the business. The Company's management expects to file its quarterly financial statements for the nine months ended, March 31, 2024 on June 24, 2024.