ShiftPixy, Inc. Announces Pricing of $12 Million Public Offering
October 09 2020 - 8:00AM
ShiftPixy, Inc. (the “Company”) (Nasdaq: PIXY), a Florida-based gig
engagement platform provider, today announced the pricing of an
underwritten public offering with expected total gross proceeds of
$12,000,000, before deducting underwriting discounts, commissions
and other offering expenses payable by the Company.
The securities offered by the Company consist of
4,000,000 shares of common stock together with warrants (the
“Warrants”) to purchase up to 2,000,000 shares of common stock.
Each share of common stock and accompanying Warrant are being sold
together at a combined public offering price of $3.00. The Warrants
will have an exercise price of $3.30 per share, will be immediately
exercisable and will expire five (5) years from the date of
issuance. The Company has granted the underwriter a 45-day option
to purchase up to an additional 600,000 shares of common stock
and/or Warrants to purchase up to 300,000 shares of common stock to
cover over-allotments, if any.
The Company intends to use the net proceeds from
this offering for general corporate purposes, including working
capital, operating expenses and capital expenditures. The offering
is expected to close on or about October 14, 2020, subject to
customary closing conditions.
A.G.P./Alliance Global Partners is acting as the
sole book-running manager for the offering.
This offering is being made pursuant to an
effective registration statement on Form S-1 (No. 333-240136)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective on October 8, 2020. The offering
is being made only by means of a prospectus. A final prospectus
relating to the proposed offering will be filed and made available
on the SEC’s website. A copy of the final prospectus relating to
the offering may be obtained, when available, from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022
or via telephone at 212-624-2060 or email:
prospectus@allianceg.com. Before investing in this offering,
interested parties should read the prospectus.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities 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 registration or qualification under the
securities laws of any such state or jurisdiction.
About
ShiftPixy
ShiftPixy (Nasdaq: PIXY) provides a disruptive
human capital management platform, revolutionizing employment in
the Gig Economy by delivering a next-gen mobile engagement
technology to help businesses with shift-based employees navigate
regulatory mandates, minimize administrative burdens and better
connect with a ready-for-hire workforce. With expertise rooted in
management's nearly 25 years of workers' compensation and
compliance programs experience, ShiftPixy adds a needed layer for
addressing compliance and continued demands for equitable
employment practices in the growing Gig Economy.
Forward Looking
Statements
The information provided in this release
includes forward-looking statements, the achievement or success of
which involves risks, uncertainties, and assumptions. These
forward-looking statements are made pursuant to the safe harbor
provisions within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Although such
forward-looking statements are based upon what management of the
Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate. If any of the risks or uncertainties, including those set
forth below, materialize or if any of the assumptions proves
incorrect, the results of the Company, could differ materially from
the results expressed or implied by the forward-looking statements
we make. The risks and uncertainties include, but are not limited
to, references to the Company’s expectations regarding the closing
of the public offering and its anticipated use of net proceeds from
the offering; risks associated with the nature of the Company’s
business model; the Company’s ability to execute its vision and
growth strategy; the Company’s ability to attract and retain
clients; the Company’s ability to assess and manage risks; changes
in the law that affect the Company’s business and its ability to
respond to such changes and incorporate them into its business
model, as necessary; the Company’s ability to insure against and
otherwise effectively manage risks that affect its business; risks
arising from the COVID-19 pandemic or any other events that could
cause wide-scale business disruptions; competition; reliance on
third-party systems and software; the Company’s ability to protect
and maintain its intellectual property; and general developments in
the economy and financial markets. These and other risks are
discussed in the Company’s filings with the SEC, including, without
limitation, its Annual Report on Form 10-K, filed on December 13,
2019, and its periodic reports on Form 10-Q and Form 8-K, as well
as the risks identified in the registration statement and the
preliminary prospectus supplement relating to the offering.
Statements made in connection with any guidance may refer to
financial statements that have not been reviewed or audited. The
Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, except as required by applicable securities laws.
The information in this press release shall not be deemed to be
"filed" for the purpose of Section 18 of the Exchange Act, or
otherwise subject to the liabilities of that section, and will not
be deemed an admission as to the materiality of any information
that is required to be disclosed solely by Regulation FD. Further
information on these and other factors that could affect the
financial results of the Company, is included in the filings we
make with the SEC from time to time. These documents are available
on the "SEC Filings" subsection of the "Investor Information"
section of the Company’s website at
https://ir.shiftpixy.com/financial-information/sec-filings, or
directly from the SEC’s website at https://www.sec.gov.
Consistent with the SEC’s April 2013 guidance on
using social media outlets like Facebook and Twitter to make
corporate disclosures and announce key information in compliance
with Regulation FD, the Company is alerting investors and other
members of the general public that the Company will provide updates
on operations and progress required to be disclosed under
Regulation FD through its social media on Facebook, Twitter,
LinkedIn and YouTube. Investors, potential investors, shareholders
and individuals interested in the Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
Media Contact:
Amy Wangamy.wang@shiftpixy.com(949) 245-7291
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