Summary by Futu AI
ShiftPixy, Inc., a human capital management platform, has filed a prospectus related to the resale of 94,375 shares of common stock by a selling stockholder. These shares are issuable upon the exercise of Private Placement Warrants, which were part of a securities purchase agreement dated October 5, 2023. The warrants became exercisable on April 10, 2024, with an exercise price of $30.504 per share. ShiftPixy will not receive proceeds from the stock sale but will benefit from the exercise of the warrants. The selling stockholder, identified as Armistice Capital, LLC, may sell the shares through various methods as detailed in the 'Plan of Distribution' section. The company's common stock is traded on the Nasdaq under the symbol 'PIXY'. This announcement comes amidst ongoing bankruptcy litigation involving ShiftPixy and a company called Industrial Human Capital, with claims against ShiftPixy totaling $1.8 million. The prospectus, dated January 2, 2024, also highlights the risks associated with investing in ShiftPixy's securities.