ShiftPixy Inc (PIXY)

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PIXY 12 million dollars offering closed today!


Item 1.01 Entry into a Material Definitive Agreement.

Securities Purchase Agreement

On May 13, 2021, ShiftPixy, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with a large institutional investor (the “Purchaser”) pursuant to which the Company agreed to sell to the Purchaser an aggregate of (i) 2,320,000 shares (the “Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”), together with warrants (the “Common Warrants”) to purchase up to 2,320,000 shares of Common Stock, and (ii) 2,628,453 pre-funded warrants (the “Pre-funded Warrants” and, together with the Common Warrants, the “Warrants”) with each Pre-funded Warrant exercisable for one share of Common Stock, together with Common Warrants to purchase up to 2,628,453 shares of Common Stock (collectively, the “Offering”). Each share of Common Stock and accompanying Common Warrant are being sold together at a combined offering price of $2.425, and each Pre-funded Warrant and accompanying Common Warrant are being sold together at a combined offering price of $2.4249. The Pre-funded Warrants will be immediately exercisable, at a nominal exercise price of $0.0001, and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. The Common Warrants will have an exercise price of $2.425 per share, will be exercisable upon issuance and will expire five years from the date of an effective registration statement covering the shares underlying the Common Warrants. The gross proceeds to the Company from the Offering are expected to be approximately $12.0 million. The Offering closed on May 17, 2021.

https://ih.advfn.com/stock-market/NASDAQ/shiftpixy-PIXY/stock-news/85134109/current-report-filing-8-k