secwatch.observer — SEC 8-K summary
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Issuer:     UPEXI, INC. (UPXI)
CIK:        0001775194
Form:       8-K
Filed at:   2026-01-14T23:59:59+00:00
Accession:  0001477932-26-000207
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upexi issues $36M convertible note to Hivemind at $2.39/share, 1% rate, for locked Solana
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- Convertible note principal ~$36M, 1.0% interest payable quarterly, maturity Jan 9, 2028; fixed conversion price $2.39 (12.7% premium to $2.12 close).
- Company receives 265,500 locked SOL via assignment; Solana treasury to increase 12% to over 2.4M SOL.
- Note is secured by the SOL; no cash repayment of principal – investor gets pro rata return of SOL if unconverted at maturity.
- Internal estimated mNAV as of Jan 9, 2026: ~$234.4M, representing a fully-loaded modified NAV of 0.92x (Reg FD disclosure).
- CEO states transaction is accretive to adjusted SOL per share; no placement agent fees were paid.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1775194/000147793226000207/0001477932-26-000207-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1775194/000147793226000207/upxi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-26-000207

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