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ShiftPixy Prices Public Offering Of 2.07 Mln Units At $1.50 Per Unit; Stock Plunges 34%
(RTTNews) - ShiftPixy, Inc. (PIXY), a worker engagement and management platform, announced the pricing of its "reasonable best efforts" public offering of 2.07 million units at a public offering price of $1.50 per unit.
Each unit consists of one share of common stock (or a prefunded warrant in lieu thereof) and one common warrant each exercisable for one share of common stock at an exercise price of $1.50 per share.
The common warrants will be immediately exercisable and expire five years from the date of issuance. The pre-funded warrants and accompanying common warrants are identical to the units. Gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $3.1 million.
The closing of the offering is expected to occur on or about July 14, 2023, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the public offering for general corporate purposes, including working capital.
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