ShiftPixy Plunges After Pricing Public Offering Of Units

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Shares of ShiftPixy, Inc. (PIXY) are falling more than 13% Wednesday morning after the company priced its 2,066,667 units public offering at $1.50 per unit.

Each unit consists of one share or a prefunded warrant in lieu thereof, and one common warrant each exercisable for one share at an exercise price of $1.50 per share.

The company intends to use the net proceeds of about $3.1 million from the offering, which is expected to close on July 14, for general corporate purposes.

PIXY, currently at $2.06, has been trading in the range of $1.27 – 44.89 in the last 1 year.

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