IRVINE, California,
February 16, 2017 /PRNewswire/ --
ShiftPixy Withdraws its Common Stock from Listing with
Nasdaq - ShiftPixy, Inc., a Wyoming corporation (NASDAQ: PIXY)
("ShiftPixy") announced today that it has issued a notice to The
Nasdaq Capital Market of ShiftPixy's determination to withdraw its
Common Stock, par value $0.0001 per
share (the "Securities") from listing and/or registration on The
Nasdaq Capital Market. The stated basis for withdrawal of the
Securities from listing are that (1) the Company did not receive as
of the Closing Date the minimum offering amount specified in the
Offering Circular and accordingly returned the funds to investors,
(2) the Company intends to refile a "reset" offering under
Regulation A, (3) after discussions with SEC staff, it was
determined that the only means by which to accomplish such filing
under Regulation A is to have the Company file a Form 25 to exit
the 1934 Act reporting system, inasmuch as 1934 Act reporting
companies cannot use Regulation A, and (4) the SEC staff also
stated they have no objection if the Company, after having already
filed a Form 8A-12B registration, withdraws that registration and
thereafter refiles the reset Regulation A Offering and thereafter
files a new 8A-12B for Nasdaq Capital Markets listing at or near
the end of the reset Regulation A offering.
ShiftPixy has not arranged for listing and/or registration on
another national securities exchange or for quotation of
its Securities in a quotation medium as defined by
applicable regulations.
ShiftPixy President and CEO, Scott
Absher, stated that, "This is part of the process of the
reset of our offering. We are making some adjustments, and we
plan to bring our IPO back as soon as possible."
About ShiftPixy
ShiftPixy is a disruptive human capital management (HCM)
services provider, revolutionizing employment in the Gig Economy by
delivering a next-gen platform for workforce management that helps
shift-based employers navigate regulatory mandates, minimize
administrative burdens, and connects them with a ready-for-hire
workforce. With expertise rooted in management's nearly 25 years of
workers' compensation and compliance programs, ShiftPixy adds a
needed layer for addressing compliance and continued demands for
equitable employment practices in the growing Gig Economy.
ShiftPixy's complete HCM ecosystem manages regulatory requirements
such as paid time off (PTO) laws, insurance and workers'
compensation, minimum wage increases, and the Affordable Care Act
(ACA) compliance.
The initial public offering for ShiftPixy will be reset with WR
Hambrecht + Co, acting as representative underwriter. ShiftPixy is
preparing to offer its securities under the Regulation A+
framework, enabling non-accredited investors to invest in the
company in advance of the IPO. For more information, visit
https://wrhambrecht.com/ipos/shiftpixy-inc-regulation-a-ipo/ .
About WR Hambrecht + Co
WR Hambrecht + Co has been focused on opening up the investing
world to as many people as possible at fair market prices and was
instrumental in reforming Regulation A to help accomplish that for
growth companies and investors. Our Regulation A+ strategy is a
continuation of the Hambrecht legacy of conducting small public
offerings for what were once considered high-risk start-ups that
are now household names and Fortune 500 companies.
No money or consideration is being solicited by the information
in this press release or any other communication and, if sent,
money will not be accepted and will be promptly returned. No offer
by a potential investor to buy our securities can be accepted and,
if made, any such offer can be withdrawn before qualification of
this offering by the SEC. A potential investor's indication of
interest does not create a commitment to purchase the securities we
are offering. Any such indication of interest may be withdrawn or
revoked, without obligation or commitment of any kind, at any time
before notice of its acceptance is given and all other requirements
to accept an investment from a potential investor are met after the
offering qualification date.
The offering, when reset, will be made only by means of the
Offering Circular. Any information in this press release or any
other communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification for
sale as provided in Regulation A+ in any such state or
jurisdiction.
CONTACT:
Clark Wilson
clark.wilson@shiftpixy.com
Mark A. Absher
scott.absher@shiftpixy.com
+1-888-798-9100
SOURCE ShiftPixy, Inc.