ShiftPixy Announces Launch of Groundbreaking SPAC Offering
October 25 2021 - 8:00AM
Business Wire
– Proceeds to build light industrial staffing
industry roll-up –
– Potentially adds substantial scale to the
ShiftPixy platform –
– Targeting a 100,000 employee collective into
the ShiftPixy ecosystem –
ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based national
staffing enterprise which designs, manages, and sells access to a
disruptive, revolutionary platform that facilitates employment in
the rapidly growing Gig Economy, today announced the successful
completion of the initial public offering (“IPO”) of the common
stock of Industrial Human Capital, Inc. (“IHC”), a Special Purpose
Acquisition Companies (SPAC) sponsored by ShiftPixy through its
wholly-owned subsidiary, ShiftPixy Investments, Inc. Pursuant to
the IPO, IHC sold 11,500,000 units to the public at a price of $10
per unit, with each unit consisting of one share of IHC common
stock and one redeemable warrant, with each whole warrant
exercisable to purchase one share of IHC common stock at a price of
$11.50 per share, subject to adjustment. This includes the exercise
in full by the underwriters of their over-allotment option to
purchase up to an additional 1,500,000 units. The units are listed
on the New York Stock Exchange (“NYSE”) and began trading under the
ticker symbol “AXHU” on October 20, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211025005279/en/
Once the securities comprising the units begin separate trading,
the common stock and the warrants are expected to be listed on the
NYSE under the symbols “AXH” and “AXHW,” respectively. ShiftPixy
hopes to enter into client service agreements with Industrial Human
Capital to supply its human capital needs, which ShiftPixy believes
will lead to assembly of one of the largest ever light industrial
staffing collectives in the market.
“The ShiftPixy platform was designed to rapidly scale and
support high staffing industry volumes, and we see an opportunity
to leverage the ShiftPixy technology platform to underpin what we
anticipate will be a significant consolidation event for the
industry,” said ShiftPixy Co-Founder and CEO Scott Absher. “The
potential impact on ShiftPixy’s income, profits and asset value is
extraordinary and the culmination of a great deal of innovation and
years of hard work.”
ShiftPixy expects that entry into client service agreements with
Industrial Human Capital provide an opportunity for increased
annual revenue of as much as $1 billion, and accretive pre-tax
annual earnings of $50 million.
About ShiftPixy ShiftPixy (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.
ShiftPixy Cautionary Statement The information provided
in this release and accompanying video presentation 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; risks arising from the COVID-19 pandemic or any other
events that could cause wide-scale business disruptions;
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.
Statements made in connection with any guidance may refer to
financial statements that have not been reviewed or audited. 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 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, or
directly from the SEC’s website at https://www.sec.gov. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211025005279/en/
INVESTORS: Investor.Relations@ShiftPixy.com
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