ShiftPixy Plunges After $3.1M Equity Offering
Portfolio Pulse from Shivani Kumaresan
ShiftPixy Inc has priced its public offering of 2.06 million units at $1.50 per unit, expecting to raise approximately $3.1 million. The proceeds will be used for general corporate purposes, including working capital. Following the announcement, ShiftPixy's shares fell by 33.5%.
July 12, 2023 | 12:55 pm
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ShiftPixy's stock price fell by 33.5% following the announcement of its public offering. The company aims to raise $3.1 million for corporate purposes.
The announcement of the public offering has led to a significant drop in ShiftPixy's stock price. This is likely due to the dilution of shares, which reduces the value of existing shares. The funds raised will be used for corporate purposes, indicating the company's need for additional capital.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100