- ShiftPixy (NASDAQ:PIXY) trades 1.8% higher premarket after entering into a securities purchase agreement with a large institutional investor for a private placement of stock and warrants exercisable for common stock expected to result in gross proceeds of ~$12M.
- The company has agreed to sell $2.85M shares together with its warrants and 4.67M pre-funded warrants with each pre-funded warrant exercisable for one share.
- Each share and accompanying common warrant are being sold together at a combined offering price of $1.595, and each pre-funded warrant and accompanying common warrant are being sold together at a combined offering price of $1.5949.
- Net proceeds to be used for general corporate purposes as well as for certain expenses associated with the sponsorship by its wholly-owned subsidiary, ShiftPixy Investments.
- The private placement is expected to close on or about Sep.3.