ShiftPixy Closes $9 Million Private Placement Financing
08 6월 2018 - 5:05AM
ShiftPixy, Inc. (“ShiftPixy” or the “Company”) (Nasdaq:PIXY), a
disruptive workforce engagement platform provider, today announced
that it completed a private placement of 8% Senior Secured
Convertible Notes to institutional investors raising $9 million of
gross proceeds (before fees and other expenses associated with the
transaction). The Notes were issued pursuant to a Securities
Purchase Agreement, dated June 4, 2018. The proceeds will be used
primarily for working capital and general corporate purposes.
The senior secured Notes rank senior to the
Company’s existing and future indebtedness and bear interest at 8%
per annum, which shall be paid monthly beginning on the first such
date after issuance.
Scott Absher, CEO and co-founder of ShiftPixy,
stated, “Our unlevered balance sheet affords us an opportunity to
use debt for our working capital needs going forward. This
financing provides a means for us to raise capital in a manner far
less dilutive than an alternative equity offering would otherwise
be. We are pleased with the continued advancement of ShiftPixy’s
business based on our recent market growth, and as further
evidenced by our ability to use debt as a more efficient part of
our capital structure.”
Drexel Hamilton, LLC acted as sole placement
agent for the offering. Drexel Hamilton, LLC is a full-service
institutional broker-dealer founded on the principle of offering
meaningful employment opportunities to disabled veterans.
Learn MoreTo discover the power
of ShiftPixy for your business please select one of our convenient
webinar timeslots at https://www.shiftpixy.com/webinars/ or call us
at 888-798-9100 to register.
About ShiftPixyShiftPixy
(NASDAQ:PIXY) is 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.
ShiftPixy Cautionary
StatementThe information provided in this release includes
forward-looking statements, the achievement or success of which
involves risks, uncertainties, and assumptions. Although such
forward-looking statements are based upon what management of the
Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate. If any of the risks or uncertainties, including those set
forth below, materialize or if any of the assumptions proves
incorrect, the results of ShiftPixy, Inc., could differ materially
from the results expressed or implied by the forward-looking
statements we make. The risks and uncertainties include, but are
not limited to, risks associated with the nature of our business
model; our ability to execute the Company’s vision and growth
strategy; our ability to attract and retain clients; our ability to
assess and manage risks; changes in the law that affect our
business and our ability to respond to such changes and incorporate
them into our business model, as necessary; our ability to insure
against and otherwise effectively manage risks that affect our
business; competition; reliance on third-party systems and
software; our ability to protect and maintain our intellectual
property; and general developments in the economy and financial
markets. The Company undertakes no obligation to update
forward-looking statements if circumstances or management’s
estimates or opinions should change, except as required by
applicable securities laws. The information in this press release
shall not be deemed to be “filed” for the purpose of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, and will not be deemed
an admission as to the materiality of any information that is
required to be disclosed solely by Regulation FD. Further
information on these and other factors that could affect the
financial results of ShiftPixy, Inc., is included in the filings on
Forms 1-A and 10-K and in other filings we make with the Securities
and Exchange Commission from time to time. These documents are
available on the “SEC Filings” subsection of the “Investor
Information” section of our website at
https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on using social media
outlets like Facebook and Twitter to make corporate disclosures and
announce key information in compliance with Regulation FD,
ShiftPixy is alerting investors and other members of the general
public that ShiftPixy will provide updates on operations and
progress required to be disclosed under Regulation FD through its
social media on Facebook, Twitter, LinkedIn and YouTube. Investors,
potential investors, shareholders and individuals interested in our
Company are encouraged to keep informed by following us on
Facebook, Twitter, LinkedIn and YouTube.
Media Contact:Clark
Wilsonclark.wilson@shiftpixy.com (949) 245-7250
ShiftPixy (NASDAQ:PIXY)
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