Upexi and Hivemind reach $36 million Solana-backed convertible bond deal

PANews reported on January 13th that, according to GlobeNewswire , Upexi announced a securities purchase agreement with Hivemind Capital Partners to lock up Solana ( SOL ) in exchange for approximately $ 36 million in convertible bonds. The bonds are secured by the provided SOL , bear an annual interest rate of 1% , pay quarterly, have a 24 -month term, and a fixed conversion price of $ 2.39 per share, higher than the closing price of $ 2.12 on the day of signing. Upon completion of the transaction, the relevant SOL will be credited to the company's treasury, and Upexi expects its Solana inventory to exceed 2.4 million bonds. This issuance is a private placement, not a public offering, and the securities are not initially registered in the United States and can only be resold under a valid registration statement or exemption.