ShiftPixy Announces Pricing of its Public Offering

ShiftPixy, (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. The offering is being made only by means of a prospectus. A final prospectus relating to the proposed offering will be filed and made available on the SEC’s website. A copy of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: prospectus@allianceg.com. Before investing in this offering, interested parties should read the prospectus.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ShiftPixy

ShiftPixy (Nasdaq: PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.