Summary by Futu AI
ShiftPixy, Inc., a Florida-based staffing enterprise operating within the Gig Economy, has entered into a definitive asset purchase agreement to acquire a Northern California-based provider of human capital. The agreement, announced on March 26, 2024, involves ShiftPixy acquiring substantial assets from Neozene, Inc. and affiliated Seller Entities for a total consideration of $16.5 million. The payment structure includes a $5.5 million cash payment, shares of ShiftPixy worth $5.5 million due at nine months post-closing, and an additional $5.5 million in shares contingent on revenue targets, due at eighteen months post-closing. The acquisition aims to enhance ShiftPixy's market presence and leverage its technology platform to capture market share in the evolving world of work. The Northern California company boasts an annual revenue...Show More