Why ShiftPixy (PIXY) Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
ShiftPixy Inc (NASDAQ:PIXY) shares dropped by 17.8% after the company announced a $2.5 million registered direct offering and concurrent private placement. The closing of the offering is expected to occur on October 10. The company intends to use the net proceeds for general corporate purposes.
October 06, 2023 | 4:31 pm
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ShiftPixy's stock price fell significantly following the announcement of a $2.5 million direct offering and private placement.
The announcement of a direct offering and private placement often leads to a decrease in the stock price as it dilutes the value of existing shares. This is likely the reason for the significant drop in ShiftPixy's stock price.
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