PIXY - ShiftPixy drops 26% after pricing $12M public offering

ShiftPixy (PIXY) has priced its public offering of 4M common shares together with warrants to 2M shares of common stock at $3, for expected total gross proceeds of $12M. Underwriter's over-allotment is an additional 600K shares/warrants to purchase up to 300K common stock.The five-year warrants will have an exercise price of $3.30/share. Net proceeds will be used for general corporate purposes, including working capital. A.G.P./Alliance Global Partners is acting as the sole book-running manager.Closing date is October 14.Shares down 26% premarket.

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ShiftPixy drops 26% after pricing $12M public offering