UPXI: MMCAP Reveals 9.99 % Stake via 12.94M Shares in 13G Filing
Schedule 13G: MMCAP & MM Asset Management report 12.94M UPXI shares (9.99 %) from convertible notes—investors eye dilution and strategic impact. 
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Filing Impact(Low)Filing Sentiment(Neutral)Form TypeSCHEDULE 13GRhea-AI Filing Summary- English
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On 22 Jul 2025 MMCAP International Inc. SPC and its affiliate MM Asset Management Inc. filed a Schedule 13G revealing a sizeable holding in Upexi, Inc. (UPXI).
- Beneficial ownership: 12,941,176 common shares, representing 9.99 % of the outstanding class.
- Power: 0 shares sole voting/dispositive; full power is held jointly over all reported shares.
- Origin of stake: senior convertible notes that can be exchanged for common stock, subject to a 9.99 % conversion cap.
- Trigger date: 16 Jul 2025.
The disclosure indicates meaningful institutional interest while flagging potential dilution should conversion limits change.
Il 22 luglio 2025 MMCAP International Inc. SPC e la sua affiliata MM Asset Management Inc. hanno depositato un Schedule 13G rivelando una partecipazione significativa in Upexi, Inc. (UPXI).
- Proprietà effettiva: 12.941.176 azioni ordinarie, pari al 9,99% della classe in circolazione.
- Potere: 0 azioni con diritto di voto/dispositivo esclusivo; il pieno potere è detenuto congiuntamente su tutte le azioni riportate.
- Origine della partecipazione: note convertibili senior che possono essere scambiate con azioni ordinarie, soggette a un limite di conversione del 9,99%.
- Data di attivazione: 16 luglio 2025.
La comunicazione evidenzia un interesse istituzionale rilevante, segnalando al contempo una possibile diluizione nel caso in cui i limiti di conversione venissero modificati.
El 22 de julio de 2025 MMCAP International Inc. SPC y su afiliada MM Asset Management Inc. presentaron un Schedule 13G revelando una participación considerable en Upexi, Inc. (UPXI).
- Propiedad beneficiaria: 12,941,176 acciones ordinarias, que representan el 9.99 % de la clase en circulación.
- Poder: 0 acciones con voto/disposición exclusivo; el poder total se mantiene en conjunto sobre todas las acciones reportadas.
- Origen de la participación: notas convertibles senior que pueden intercambiarse por acciones ordinarias, sujetas a un límite de conversión del 9.99 %.
- Fecha de activación: 16 de julio de 2025.
La divulgación indica un interés institucional significativo, al tiempo que advierte sobre una posible dilución si cambian los límites de conversión.
2025년 7월 22일 MMCAP International Inc. SPC와 그 계열사인 MM Asset Management Inc.는 Upexi, Inc. (UPXI)에 대한 상당한 지분을 공개하는 Schedule 13G를 제출했습니다.
- 실질 소유권: 12,941,176 보통주, 발행 주식의 9.99%에 해당.
- 권한: 단독 의결/처분 권한이 있는 주식은 0주; 보고된 모든 주식에 대한 완전한 권한은 공동으로 보유.
- 지분 출처: 9.99% 전환 한도가 적용되는 보통주로 교환 가능한 선순위 전환사채.
- 발동일: 2025년 7월 16일.
이번 공시는 의미 있는 기관 투자자의 관심을 나타내며, 전환 한도가 변경될 경우 희석 가능성을 경고합니다.
Le 22 juillet 2025, MMCAP International Inc. SPC et sa filiale MM Asset Management Inc. ont déposé un Schedule 13G révélant une participation importante dans Upexi, Inc. (UPXI).
- Propriété bénéficiaire : 12 941 176 actions ordinaires, représentant 9,99 % de la classe en circulation.
- Pouvoir : 0 actions avec droit de vote/disposition exclusif ; le pouvoir total est détenu conjointement sur toutes les actions déclarées.
- Origine de la participation : des billets convertibles seniors pouvant être échangés contre des actions ordinaires, soumis à un plafond de conversion de 9,99 %.
- Date de déclenchement : 16 juillet 2025.
Cette divulgation indique un intérêt institutionnel significatif tout en signalant un risque potentiel de dilution en cas de modification des limites de conversion.
Am 22. Juli 2025 reichten MMCAP International Inc. SPC und ihre Tochtergesellschaft MM Asset Management Inc. ein Schedule 13G ein, das eine bedeutende Beteiligung an Upexi, Inc. (UPXI) offenlegt.
- Wirtschaftliches Eigentum: 12.941.176 Stammaktien, was 9,99 % der ausstehenden Klasse entspricht.
- Stimmrechte: 0 Aktien mit alleinigem Stimm-/Verfügungsrecht; das volle Stimmrecht wird gemeinsam über alle gemeldeten Aktien ausgeübt.
- Herkunft der Beteiligung: vorrangige Wandelanleihen, die gegen Stammaktien getauscht werden können, vorbehaltlich einer Umwandlungsobergrenze von 9,99 %.
- Auslöse-Datum: 16. Juli 2025.
Die Offenlegung weist auf ein bedeutendes institutionelles Interesse hin und warnt gleichzeitig vor möglicher Verwässerung, falls sich die Umwandlungsgrenzen ändern.
Positive- Institutional investors MMCAP and MM Asset Management disclosed a joint 9.99 % stake in UPXI, signalling external confidence and possible strategic engagement.
Negative- The position originates from senior convertible notes, introducing potential future dilution if conversion restrictions are lifted or notes are transferred.
Insights
Securities Analyst neutral
TL;DR: Nearly 10 % stake via convertible notes shows confidence in UPXI but embeds future dilution risk; impact moderately positive.
The 13G filing identifies MMCAP International and MM Asset Management as joint holders of 12.94 M shares, hitting the 9.99 % threshold where reporting is required. Unlike open-market purchases, the position stems from senior convertible notes, signalling both capital provision and strategic flexibility. Shared voting/dispositive power suggests coordinated control, but the zero sole power limits unilateral action. While the cap restricts ownership at present, any waiver or transfer could expand the float, potentially pressuring prices. Overall, institutional participation is a vote of confidence for this micro-cap, yet investors should monitor conversion terms and note maturities to gauge dilution timing.
Il 22 luglio 2025 MMCAP International Inc. SPC e la sua affiliata MM Asset Management Inc. hanno depositato un Schedule 13G rivelando una partecipazione significativa in Upexi, Inc. (UPXI).
- Proprietà effettiva: 12.941.176 azioni ordinarie, pari al 9,99% della classe in circolazione.
- Potere: 0 azioni con diritto di voto/dispositivo esclusivo; il pieno potere è detenuto congiuntamente su tutte le azioni riportate.
- Origine della partecipazione: note convertibili senior che possono essere scambiate con azioni ordinarie, soggette a un limite di conversione del 9,99%.
- Data di attivazione: 16 luglio 2025.
La comunicazione evidenzia un interesse istituzionale rilevante, segnalando al contempo una possibile diluizione nel caso in cui i limiti di conversione venissero modificati.
El 22 de julio de 2025 MMCAP International Inc. SPC y su afiliada MM Asset Management Inc. presentaron un Schedule 13G revelando una participación considerable en Upexi, Inc. (UPXI).
- Propiedad beneficiaria: 12,941,176 acciones ordinarias, que representan el 9.99 % de la clase en circulación.
- Poder: 0 acciones con voto/disposición exclusivo; el poder total se mantiene en conjunto sobre todas las acciones reportadas.
- Origen de la participación: notas convertibles senior que pueden intercambiarse por acciones ordinarias, sujetas a un límite de conversión del 9.99 %.
- Fecha de activación: 16 de julio de 2025.
La divulgación indica un interés institucional significativo, al tiempo que advierte sobre una posible dilución si cambian los límites de conversión.
2025년 7월 22일 MMCAP International Inc. SPC와 그 계열사인 MM Asset Management Inc.는 Upexi, Inc. (UPXI)에 대한 상당한 지분을 공개하는 Schedule 13G를 제출했습니다.
- 실질 소유권: 12,941,176 보통주, 발행 주식의 9.99%에 해당.
- 권한: 단독 의결/처분 권한이 있는 주식은 0주; 보고된 모든 주식에 대한 완전한 권한은 공동으로 보유.
- 지분 출처: 9.99% 전환 한도가 적용되는 보통주로 교환 가능한 선순위 전환사채.
- 발동일: 2025년 7월 16일.
이번 공시는 의미 있는 기관 투자자의 관심을 나타내며, 전환 한도가 변경될 경우 희석 가능성을 경고합니다.
Le 22 juillet 2025, MMCAP International Inc. SPC et sa filiale MM Asset Management Inc. ont déposé un Schedule 13G révélant une participation importante dans Upexi, Inc. (UPXI).
- Propriété bénéficiaire : 12 941 176 actions ordinaires, représentant 9,99 % de la classe en circulation.
- Pouvoir : 0 actions avec droit de vote/disposition exclusif ; le pouvoir total est détenu conjointement sur toutes les actions déclarées.
- Origine de la participation : des billets convertibles seniors pouvant être échangés contre des actions ordinaires, soumis à un plafond de conversion de 9,99 %.
- Date de déclenchement : 16 juillet 2025.
Cette divulgation indique un intérêt institutionnel significatif tout en signalant un risque potentiel de dilution en cas de modification des limites de conversion.
Am 22. Juli 2025 reichten MMCAP International Inc. SPC und ihre Tochtergesellschaft MM Asset Management Inc. ein Schedule 13G ein, das eine bedeutende Beteiligung an Upexi, Inc. (UPXI) offenlegt.
- Wirtschaftliches Eigentum: 12.941.176 Stammaktien, was 9,99 % der ausstehenden Klasse entspricht.
- Stimmrechte: 0 Aktien mit alleinigem Stimm-/Verfügungsrecht; das volle Stimmrecht wird gemeinsam über alle gemeldeten Aktien ausgeübt.
- Herkunft der Beteiligung: vorrangige Wandelanleihen, die gegen Stammaktien getauscht werden können, vorbehaltlich einer Umwandlungsobergrenze von 9,99 %.
- Auslöse-Datum: 16. Juli 2025.
Die Offenlegung weist auf ein bedeutendes institutionelles Interesse hin und warnt gleichzeitig vor möglicher Verwässerung, falls sich die Umwandlungsgrenzen ändern.
TL;DR: Nearly 10 % stake via convertible notes shows confidence in UPXI but embeds future dilution risk; impact moderately positive.
The 13G filing identifies MMCAP International and MM Asset Management as joint holders of 12.94 M shares, hitting the 9.99 % threshold where reporting is required. Unlike open-market purchases, the position stems from senior convertible notes, signalling both capital provision and strategic flexibility. Shared voting/dispositive power suggests coordinated control, but the zero sole power limits unilateral action. While the cap restricts ownership at present, any waiver or transfer could expand the float, potentially pressuring prices. Overall, institutional participation is a vote of confidence for this micro-cap, yet investors should monitor conversion terms and note maturities to gauge dilution timing.
07/22/2025 - 01:32 PM ⛶ Fullscreen| SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |—| | SCHEDULE 13G | | UNDER THE SECURITIES EXCHANGE ACT OF 1934 | | | | UPEXI, INC.(Name of Issuer) | | Common Stock(Title of Class of Securities) | | 39959A205(CUSIP Number) | | 07/16/2025(Date of Event Which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |
|---|
| Rule 13d-1(b) |
| Rule 13d-1(c) |
| Rule 13d-1(d) |
| SCHEDULE 13G |
|---|
| CUSIP No. | 39959A205 |
|---|
| 1 | Names of Reporting Persons MMCAP International Inc. SPC |
|---|---|
| 2 | Check the appropriate box if a member of a Group (see instructions) (a) (b) |
| 3 | Sec Use Only |
| 4 | Citizenship or Place of Organization CAYMAN ISLANDS |
| Number of Shares Beneficially Owned by Each Reporting Person With: | | 5 | Sole Voting Power 0.00 | | 6 | Shared Voting Power 12,941,176.00 | | 7 | Sole Dispositive Power 0.00 | | 8 | Shared Dispositive Power 12,941,176.00 | |
| — | |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 12,941,176.00 |
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions) |
| 11 | Percent of class represented by amount in row (9) 9.99 % |
| 12 | Type of Reporting Person (See Instructions) CO |
Comment for Type of Reporting Person: The reporting person purchased senior convertible notes, convertible into shares of common stock of the Issuer. The convertible notes may not be converted if, after giving effect to such conversion, the reporting person would own in excess of 9.99% of the issued and oustanding common shares of the Issuer.| SCHEDULE 13G | |—|
| CUSIP No. | 39959A205 |
|---|
| 1 | Names of Reporting Persons MM Asset Management Inc. |
|---|---|
| 2 | Check the appropriate box if a member of a Group (see instructions) (a) (b) |
| 3 | Sec Use Only |
| 4 | Citizenship or Place of Organization ONTARIO, CANADA |
| Number of Shares Beneficially Owned by Each Reporting Person With: | | 5 | Sole Voting Power 0.00 | | 6 | Shared Voting Power 12,941,176.00 | | 7 | Sole Dispositive Power 0.00 | | 8 | Shared Dispositive Power 12,941,176.00 | |
| — | |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 12,941,176.00 |
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions) |
| 11 | Percent of class represented by amount in row (9) 9.99 % |
| 12 | Type of Reporting Person (See Instructions) CO |
Comment for Type of Reporting Person: The reporting person purchased senior convertible notes, convertible into shares of common stock of the Issuer. The convertible notes may not be converted if, after giving effect to such conversion, the reporting person would own in excess of 9.99% of the issued and oustanding common shares of the Issuer.| SCHEDULE 13G | |—|
| Item 1. | |
|---|---|
| (a) | Name of issuer: UPEXI, INC. |
| (b) | Address of issuer’s principal executive offices: 3030 Rocky Point Drive Suite 420, Tampa, Florida, 33607 |
| Item 2. | |
| (a) | Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc. |
| (b) | Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P. O. Box 1348 Grand Cayman, KY1-1108 Cayman Islands ii) 161 Bay Street TD Canada Trust Tower, Suite 2240 Toronto, Ontario M5J 2S1 Canada |
| (c) | Citizenship: i) Cayman Islands ii) Ontario Canada |
| (d) | Title of class of securities: Common Stock |
| (e) | CUSIP No.: 39959A205 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); |
| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); |
| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); |
| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); |
| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); |
| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); |
| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); |
| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); |
| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: |
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). |
| Item 4. | Ownership |
| (a) | Amount beneficially owned: 12,941,176 |
| (b) | Percent of class: 9.99 % |
| (c) | Number of shares as to which the person has: |
| (i) Sole power to vote or to direct the vote: 0 | |
| (ii) Shared power to vote or to direct the vote: 12,941,176 | |
| (iii) Sole power to dispose or to direct the disposition of: 0 | |
| (iv) Shared power to dispose or to direct the disposition of: 12,941,176 | |
| Item 5. | Ownership of 5 Percent or Less of a Class. |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
| Not Applicable | |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
| Not Applicable | |
| Item 8. | Identification and Classification of Members of the Group. |
| Not Applicable | |
| Item 9. | Notice of Dissolution of Group. |
| Not Applicable |
| Item 10. | Certifications: |
|---|---|
| By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. |
| SIGNATURE | |
|---|---|
| After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. |
| | | MMCAP International Inc. SPC | |—|—| | |—|
| | | Signature: | /s/ Ulla Vestergaard | |—|—|—| | Name/Title: | MMCAP International Inc. SPC | | Date: | 07/22/2025 | | |—|
| | | MM Asset Management Inc. | |—|—| | |—|
| | | Signature: | /s/ Hillel Meltz | |—|—|—| | Name/Title: | MM Asset Management Inc. | | Date: | 07/22/2025 | | |—|
| Exhibit Information |
|---|
| Exhibit 1.01 - Joint Filing Agreement |
Source: View Original Filing on SEC EDGAR
FAQ
Who filed the Schedule 13G on Upexi (UPXI)?
The filing was made jointly by MMCAP International Inc. SPC and MM Asset Management Inc..
How many Upexi shares do the filers beneficially own?
They report ownership of 12,941,176 common shares.
What percentage of Upexi’s outstanding shares does this represent?
The stake equals 9.99 % of the class.
How was the stake acquired?
Through senior convertible notes that can be exchanged for common stock up to the 9.99 % cap.
Do the reporting persons have sole voting power?
No. They have 0 sole and 12,941,176 shared voting and dispositive power.
When did the ownership threshold event occur?
The triggering date was 16 Jul 2025. The filing was made jointly by MMCAP International Inc. SPC and MM Asset Management Inc.. They report ownership of 12,941,176 common shares. The stake equals 9.99 % of the class. Through senior convertible notes that can be exchanged for common stock up to the 9.99 % cap. No. They have 0 sole and 12,941,176 shared voting and dispositive power. The triggering date was 16 Jul 2025. #10789 Ranked by Market CapN/A Ranked by DividendsJul 21, 2025Upexi Grows Treasury to 1.819 Million SOL Worth $331 Million with a $58 Million Unrealized Gain in Under Three MonthsJul 17, 2025Upexi Announces Closing of Approximately $150 Million Private Placement of Convertible Notes as Part of Previously Announced $200 Million Concurrent OfferingJul 15, 2025Upexi Announces Closing of $50 Million Private Placement Equity OfferingJul 11, 2025Upexi, Inc. Announces Pricing of $200 Million Concurrent Private Placement of Common Stock and Convertible Notes both Priced above the At-the-Market Price under Nasdaq RulesJul 8, 2025Upexi, Inc. June 2025 Monthly Update Jul 21, 2025S-1 Upexi, Inc. Files IPO Registration StatementJul 21, 20258-K Upexi, Inc. Reports Material EventJul 18, 20258-K Upexi, Inc. Reports Material EventJul 17, 20258-K Upexi, Inc. Reports Material EventJul 16, 20258-K Upexi, Inc. Reports Material Event Market Cap227.67MFloat31.57MInsiders Ownership22.11%Institutions Ownership1.18%Short Percent1.57%IndustryInternet Content & InformationSectorMedicinal Chemicals & Botanical ProductsWebsiteLinkCountryUnited StatesCityTAMPA
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