PIXY - ShiftPixy prices $12M private placement

ShiftPixy (PIXY) trades 0.9% down premarket after entering into a securities purchase agreement with a large institutional investor for a private placement of common stock and warrants expected to result in gross proceeds of ~$12M.The company has agreed to sell 2.32M shares with warrants to purchase shares and 2.63M pre-funded warrants with each pre-funded warrant exercisable for one share of common stock.Each share of common stock and accompanying common warrant are being sold together at a combined offering price of $2.425 and each pre-funded warrant and accompanying common warrant are being sold together at a combined offering price of $2.4249.Net proceeds to be used for general corporate purposes, including working capital, operating expenses, and capital expenditures, as well as for certain expenses.Private placement is expected to close on or about May 17.

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ShiftPixy prices $12M private placement