ShiftPixy, Inc., a staffing industry disruptor, has taken significant corporate action without convening a shareholder meeting, as detailed in a definitive information statement filed with the SEC on September 19, 2024. The company, led by CEO Scott W. Absher, has issued a special grant of a Conditional Option for Shares of Preferred Class A Stock to its Majority Stockholder, following the written consent of shareholders holding a 63.33% majority. This move, effective no sooner than 20 days post-information statement distribution, compensates the Majority Stockholder for prior beneficial actions and positions ShiftPixy for potential recapitalization. The Majority Stockholder had previously donated a substantial portion of his common stock to charities, aiding the company in meeting Nasdaq's listing standards and securing financing. The special...Show More

ShiftPixy, Inc., a staffing industry disruptor, has taken significant corporate action without convening a shareholder meeting, as detailed in a definitive information statement filed with the SEC on September 19, 2024. The company, led by CEO Scott W. Absher, has issued a special grant of a Conditional Option for Shares of Preferred Class A Stock to its Majority Stockholder, following the written consent of shareholders holding a 63.33% majority. This move, effective no sooner than 20 days post-information statement distribution, compensates the Majority Stockholder for prior beneficial actions and positions ShiftPixy for potential recapitalization. The Majority Stockholder had previously donated a substantial portion of his common stock to charities, aiding the company in meeting Nasdaq's listing standards and securing financing. The special grant is part of a broader strategy to improve market capitalization and access to capital, following a reverse stock split determined by the Board on September 4, 2024, at a ratio of 1:15. The grant is subject to conditions, including a future reverse stock split and the Majority Stockholder's charitable share donation. The company's actions are in compliance with Nasdaq Listing Rules and Wyoming Statutes, requiring majority shareholder approval for significant issuances.