ShiftPixy Plunges After $3.1M Equity Offering

ShiftPixy Inc PIXY has priced its public offering of 2.06 million units at $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 company expects gross proceeds from the offering to be approximately $3.1 million. The company intends to use the net proceeds for general corporate purposes, including working capital.

The closing of the offering is expected to occur on or about July 14, 2023.

Price Action: PIXY shares are trading lower by 33.5% at $1.60 on the last check Wednesday.