Nasdaq-listed Solana treasury company Upexi said it has signed a securities purchase agreement to raise $19.5 million through a private placement.

According to ChainCatcher, the company plans to sell about 12.24 million shares of common stock, or the equivalent in pre-funded warrants, at an issuance price of about $1.6 per share.

Upexi said it intends to use the proceeds to repay existing debt and to continue increasing its strategic reserve of SOL assets.