ShiftPixy Announces Pricing for $2.5 Million Offering of Common Shares and Warrants

ShiftPixy, Inc., a leading staffing enterprise focused on the Gig Economy, has announced the pricing of its latest securities offering. The company is offering 2,403,847 common shares alongside series A and B warrants. This move aims to raise approximately $2.5 million to support its corporate initiatives.

1. Details of the Offering:
   • Common Shares and Warrants:
     • Offering of 2,403,847 common shares.
     • Series A and B warrants to purchase up to 2,403,847 additional common shares.
   • Offering Price:
     • $1.04 per common share, with corresponding series A and B warrants priced similarly.
   • Warrant Terms:
     • Series A warrants: Exercisable upon shareholder approval, valid for five years.
     • Series B warrants: Exercisable upon shareholder approval, valid for two years.
   • Gross Proceeds:
     • Expected to be approximately $2.5 million, before placement agent fees and offering expenses.
2. Use of Proceeds:
   • General Corporate Purposes:
     • Net proceeds will be allocated for working capital and other corporate needs.
3. Offering Process and Key Dates:
   • Closing Date:
     • Expected on or about August 27, 2024, subject to customary closing conditions.
   • Placement Agent:
     • A.G.P./Alliance Global Partners is the sole placement agent for this offering.
   • Registration:
     • The registration statement on Form S-1 (File No. 333-280566) was declared effective by the SEC on August 22, 2024.
     • The final prospectus will be filed with the SEC and available on SEC’s website.
     • Electronic copies can be obtained from A.G.P./Alliance Global Partners at 590 Madison Avenue, 28th Floor, New York, NY 10022, or via email at prospectus@allianceg.com.
4. Warrant Adjustment Agreement:
   • Existing Warrants:
     • Agreement to reduce the exercise price of outstanding warrants issued in previous offerings to $1.04 per share.
     • Extension of the term of these warrants to five years following shareholder approval.
5. Legal Notice:
   • Offer Restrictions:
     • This press release does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where such an offer or sale would be unlawful prior to registration or qualification under applicable securities laws.

ShiftPixy’s offering of common shares and warrants reflects its strategy to bolster its financial position and support its operational needs. The offering is set to close by August 27, 2024, with significant steps already taken to ensure regulatory compliance and investor access.