Miami, March 20, 2024–(BUSINESS WIRE)–ShiftPixy, Inc. (Nasdaq: PIXY) (“ShiftPixy” or the “Company”) is a Florida-based national human capital provider and provider of disruptive and revolutionary talent. We design, manage, and sell access to. The company, a platform that fosters employment in the rapidly growing gig economy, today receives $100 million in commercial financing terms with Forstmann & Company to launch the first phase of its human capital roll. announced significant progress in its growth strategy. Up. This significant capital injection is scheduled to launch the first round of strategic acquisitions, scheduled for Q1 2024, and marks an important step in ShiftPixy's national expansion plans.
“We are very pleased to work with the team at Forstmann & Co. Inc. on this deal, which begins a series of strategic acquisitions that we have been preparing for,” said Scott Abshire, CEO of ShiftPixy. “This will allow us to significantly expand our domestic base.” This financing facility is designed to scale through 2024, allowing the company to continue its acquisition work through 2025. We are currently working quickly to complete the work we started in 2021. ”
“We are honored to have this opportunity to work with Scott Absher and the ShiftPixy team,” said Keven Kim, Managing Partner and President of Forstmann & Co. Inc. We are always looking for unique opportunities in the field.” This roll-up opportunity and the technology platform the company has developed for the human resources industry is a game-changer. ”
About ShiftPixy
ShiftPixy is an innovative talent provisioning company revolutionizing gig economy employment by providing a next-generation mobile platform for employee engagement and management. This allows companies with shift-based employees to navigate regulatory requirements, minimize administrative burden, and improve collaboration with immediate workforces. A hired workforce solves the harmful levels of turnover in hourly, part-time work. ShiftPixy leverages management's expertise rooted in his over 30 years of workers' compensation and compliance experience in his programs to address the continuing demands for compliance and fair employment practices in the growing gig economy. Add the layers you need.
About Forstmann & Company
A private investment partnership founded in 1967 as Forstmann Lev Associates by J. Anthony Forstmann and Joel B. Lev with the very specific purpose of centrally managing the funds of others to obtain high rates of return. It was organized as a private promotion company. The company was one of the first hedge funds in the United States. In 1998, he founded Forstmann & Co LLC to provide merchant banking services to his clients. In 2019, Forstmann & Co. LLC was reorganized as Forstmann & Co. Inc. to provide strategic business advisory and services to clients. Los Angeles-based Forstmann & Co. Inc.'s current goal is to identify companies that are participating in major changes early on for potential investment, for the benefit of investors and business partners. I am.
Forward-looking statements
Statements contained in this press release that are not statements of historical fact may constitute forward-looking statements. These forward-looking statements include statements regarding the anticipated use of the proceeds of the Private Placement, the expected closing date of the Private Placement, and the expected filing and effective date of any registration statement related to the resale of our common stock. Common stock that forms the basis of stock acquisition rights through private placement. Although such forward-looking statements are based on what our management believes to be reasonable assumptions, there can be no assurance that such forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those described below, materialize, or if any of our assumptions prove incorrect, our results will depend on the forward-looking statements we make. Results may differ materially from those expressed or implied. Risks and uncertainties include, but are not limited to, risks related to the nature of our business model; our ability to execute on our vision and growth strategy; our ability to attract and retain customers; the Company's ability to assess and manage risks; changes in laws affecting our business and our ability to respond to such changes and incorporate them into our business model, as appropriate; a company's ability to insure and otherwise effectively manage risks affecting its business; competition; dependence on third party systems and software; the Company's ability to protect and maintain its intellectual property; General trends in the economy and financial markets. These and other risks are discussed in our filings with the SEC, including, but not limited to, our annual report on Form 10-K and our periodic and current reports on Form 10-Q and Form 8-K. It's being discussed. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions change, except as required by applicable securities laws. The information in this press release shall not be deemed a “filing” or subject to liability under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be subject to any liability under Regulation FD only. The importance of the information that must be disclosed. Further information regarding these and other factors that may affect our financial results is contained in the filings we make from time to time with the SEC. These documents are available from the SEC Filings subsection of the Investor Information section of our website at https://ir.shiftpixy.com/financial-information/sec-filings or on the SEC website. Available directly from (https://ir.shiftpixy.com/financial-information/sec-filings). //www.sec.gov. In accordance with the SEC's April 2013 guidance on using social media, such as Facebook and Twitter, to make corporate disclosures and announce material information in compliance with Regulation FD, we We caution investors and other members of the public that we provide updates regarding our operations. Progress that must be disclosed under Regulation FD through social media such as Facebook, Twitter, LinkedIn, and YouTube. We encourage investors, potential investors, shareholders and individuals interested in our company to stay informed by following us on Facebook, Twitter, LinkedIn and YouTube.
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InvestorRelations@shiftpixy.com
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