ShiftPixy Announces $2.5 Mln Direct Offering Of Shares; Stock Down

(RTTNews) - ShiftPixy, Inc. (PIXY), a staffing company, said Friday that it has entered into an agreement with a single U.S. institutional investor for the purchase and sale of 2.265 million shares, and warrants to purchase up to 2,265 million shares in a private placement.

They have a combined price of $1.10 per share.

The company expects to use the proceeds generated from this for general corporate purposes.

The warrants will be exercisable beginning six months after issuance and will expire 5 years from the initial exercise date," the company said in a statement.

The offering is expected to close on or about October 10.

Currently, shares of ShiftPixy, are trading at $1.05, down 19.23% on Nasdaq.