ShiftPixy (PIXY) Prices $12 Million Public Offering of Common Stock, Warrants

ShiftPixy, Inc. (the “Company”) (Nasdaq: PIXY), a California-based gig engagement platform provider, today announced the pricing of an underwritten public offering with expected total gross proceeds of approximately $12,000,000, before deducting underwriting discounts, commissions and other offering expenses payable by the Company.

The securities offered by the Company consist of (i) 1,898,850 shares of common stock together with 949,425 Warrants (the “Warrants”) to purchase up to 949,425 shares of common stock and (ii) 323,310 pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with 161,655 Warrants to purchase up to 161,655 shares of common stock. Each share of common stock and accompanying Warrant are being sold together at a combined public offering price of $5.40 and each pre-funded warrant and accompanying Warrant are being sold together at a combined public offering price of $5.399. The pre-funded warrants are immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. The Warrants will have an exercise price of $5.40 per share, will be immediately exercisable and will expire five (5) years from the date of issuance. The Company has granted the underwriter a 45-day option to purchase up to an additional 333,324 shares of common stock and/or 166,662 Warrants to purchase up to 166,662 shares of common stock to cover over-allotments, if any.

The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures. The offering is expected to close on or about May 26, 2020, subject to customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-237457) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on May 20, 2020.

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