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

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

The securities offered by the Company consist of 4,000,000 shares of common stock together with warrants (the “Warrants”) to purchase up to 2,000,000 shares of common stock. Each share of common stock and accompanying Warrant are being sold together at a combined public offering price of $3.00. The Warrants will have an exercise price of $3.30 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 600,000 shares of common stock and/or Warrants to purchase up to 300,000 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 October 14, 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. 333-240136) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on October 8, 2020.

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