What's Going On With ShiftPixy (PIXY) Stock?

ShiftPixy Inc PIXY shares are trading lower by 5.5% to $1.04 Tuesday morning. The stock has fallen some 17% over the trailing five sessions after the company last week announced a $2.5 million registered direct offering and concurrent private placement.

ShiftPixy says the closing of the offering is expected to occur on or about October 10, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $2.5 million.

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The company says it intends to use the net proceeds from the offering for general corporate purposes.

According to data from Benzinga Pro, PIXY has a 52-week high of $24.97 and a 52-week low of $0.36.