ShiftPixy, Inc., a staffing industry disruptor, has filed an Information Statement with the SEC, detailing a significant corporate action taken without a shareholder meeting. On September 4, 2024, the company's Board of Directors, and on September 6, 2024, the majority shareholder, who holds 63.33% of the voting power, consented in writing to issue a special grant of a Conditional Option for Shares of Preferred Class A Stock to the majority shareholder. This action is part of a strategic move to compensate the majority shareholder for previous beneficial actions taken at personal expense and to potentially facilitate future recapitalization of the company. The Information Statement, dated September 2024, also references a reverse stock split determined by the Board on September 4, 2024, at a ratio of 1-for-15, which...Show More

ShiftPixy, Inc., a staffing industry disruptor, has filed an Information Statement with the SEC, detailing a significant corporate action taken without a shareholder meeting. On September 4, 2024, the company's Board of Directors, and on September 6, 2024, the majority shareholder, who holds 63.33% of the voting power, consented in writing to issue a special grant of a Conditional Option for Shares of Preferred Class A Stock to the majority shareholder. This action is part of a strategic move to compensate the majority shareholder for previous beneficial actions taken at personal expense and to potentially facilitate future recapitalization of the company. The Information Statement, dated September 2024, also references a reverse stock split determined by the Board on September 4, 2024, at a ratio of 1-for-15, which follows a previous reverse stock split and share donation by the majority shareholder that helped the company regain compliance with Nasdaq's listing standards and secure financing. The special grant and reverse stock split are subject to a 20-day waiting period after the Information Statement is sent to shareholders, as per SEC Rule 14c-2. The company's stock remains listed on The Nasdaq Capital Market, and the actions taken are in compliance with both Nasdaq and Wyoming Business Corporation Act requirements.