ShiftPixy (PIXY) has issued an update.
ShiftPixy, Inc. has engaged in a financial agreement to sell shares and warrants, aiming to raise approximately $2.5 million for corporate needs, including working capital and other expenses. The offering involves common stock, pre-funded, and Series A and B common warrants with prices set at $1.04 per share and $1.0399 per pre-funded warrant. The pre-funded warrants are immediately exercisable, while Series A and B warrants require shareholder approval and have five-year and two-year terms respectively. The company has agreed to a 45-day lock-up period on additional share issuances, with certain exceptions, and a 6-month restriction on variable rate transactions. The deal, which is expected to close by August 27, 2024, includes customary terms and indemnification obligations, with the placement agent receiving a cash fee and expense reimbursements.
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