ShiftPixy, Inc. (NASDAQ:PIXY) (“ShiftPixy” or the “Company”), a Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced that it has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 2,265,000 shares of the Company’s common stock (or common stock equivalents in lieu thereof) in a registered direct offering and warrants to purchase up to 2,265,000 shares of common stock in a concurrent private placement (together with the registered direct offering, the “Offering”) at a combined purchase price of $1.10 per share. The warrants issued pursuant to the concurrent private placement will have an exercise price of $1.10 per share, will be exercisable beginning six months after issuance and will expire 5 years from the initial exercise date.
The closing of the Offering is expected to occur on or about October 10, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $2.5 million. The Company intends to use the net proceeds from the Offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting as the exclusive financial advisor for the Offering.
