Welcome to our dedicated page for ShiftPixy news (Ticker: PIXY), a resource for investors and traders seeking the latest updates and insights on ShiftPixy stock.
ShiftPixy, Inc. (NASDAQ: PIXY) is a leading player in the Gig Economy, providing a revolutionary platform for managing part-time and shift-based employment. The company's disruptive human capital management system enables businesses to seamlessly sync work opportunities with the available time slots of shift workers. This innovative approach eliminates the need for formal job interviews and long-term commitments, offering a flexible solution for both job providers and workers.
ShiftPixy’s platform leverages advanced mobile engagement technology to help businesses navigate complex regulatory mandates, minimize administrative burdens, and connect with a ready-to-hire workforce. The company's app allows shift workers, referred to as “shifters,” to enroll, create profiles, and prequalify for open shift opportunities based on their work and training experience. This ensures a higher match rate and more efficient staffing for businesses.
Operating primarily in California and Washington, ShiftPixy generates key revenue from Californian clientele. The company’s gross billings, which include clients' fully burdened payroll costs, serve as a significant operating metric. ShiftPixy is also expanding its national footprint by engaging with industrial, medical, and technology staffing companies.
Recently, ShiftPixy has integrated Artificial Intelligence (AI) into its platform to streamline processes such as onboarding and instant interviews. Powered by IBM's Watson, the AI enhancements allow new employees to complete onboarding quickly and efficiently, while also enabling job seekers to participate in virtual interviews via their smartphones. This technological advancement helps reduce turnover and improve engagement.
In an effort to recapitalize, ShiftPixy has been conducting a reverse stock split and exploring new financial avenues, including a sizeable debt facility to fund acquisitions. The company has three Letters of Intent with firms moving towards definitive agreements, aiming to close one acquisition per month through 2024.
ShiftPixy’s innovative solutions are not only transforming employment practices but are also addressing compliance and equitable employment demands in the growing gig economy. Investors and stakeholders are encouraged to stay updated on the company's progress through ongoing interviews and announcements.
ShiftPixy (PIXY) launched the MIAMI WORKS campaign to address the staffing shortage in South Florida's restaurant and hospitality sectors, worsened by the pandemic. The initiative includes recruiting events and flexible job opportunities with benefits such as healthcare and sign-up bonuses. This campaign aims to connect local businesses with qualified workers, while also reducing reliance on third-party delivery services. ShiftPixy collaborates with local universities and community groups to enhance employment opportunities, supporting the recovery of Miami's vital hospitality industry.
ShiftPixy, Inc. (Nasdaq: PIXY) has announced a private placement agreement with a large institutional investor, expected to yield approximately $12 million in gross proceeds. The company will sell 2,320,000 shares of common stock and accompanying warrants, alongside 2,628,453 pre-funded warrants. The offering price is set at $2.425 for common stock and $2.4249 for pre-funded warrants. The funds will be used for corporate purposes, including working capital and expenses related to SPAC sponsorships. Closing is anticipated around May 17, 2021, pending customary conditions.
ShiftPixy, Inc. (NASDAQ: PIXY) has announced its role as a sponsor for four Special Purpose Acquisition Companies (SPACs) seeking initial public offerings (IPOs). The SPACs include Industrial Human Capital, Vital Human Capital, TechStackery, and Insurity Capital, aiming to raise capital for acquisitions in staffing and insurance. Each SPAC plans to offer units at $10, with a total of 125 million units proposed. The offerings are subject to market conditions and underwritten by A.G.P/Aliiance Global Partners.
ShiftPixy, a staffing company, reported improved financial results for the quarter ending November 30, 2020. Cash reserves reached $9.1 million, up from $4.3 million, with no long-term debt. The company raised $12 million through a public equity offering. Revenue increased 15% to $2.5 million and gross billings rose 15% to $19.8 million despite pandemic challenges. However, net loss was $6.9 million with operating losses rising to $5.6 million. Notably, the customer count grew by 42% to 88 clients across 500 locations, indicating resilience and growth potential in the gig economy.
ShiftPixy, a staffing enterprise focused on the Gig Economy, announced its participation at the ICR Conference from January 11 to 14, 2021. CEO Scott Absher will present on January 11 at 3:30 PM ET. ShiftPixy offers a platform that aids businesses with shift-based employees, addressing compliance with regulations like paid time off, insurance, and minimum wage laws. The company aims to simplify workforce management and enhance equitable employment practices. Forward-looking statements in the release carry inherent risks and uncertainties, and investors are encouraged to stay updated through the company's social media channels.
The new show, 2 Minute Drill, hosted by David Meltzer, debuts on January 8, 2021, at 8:30 EST on Bloomberg TV. Featuring entrepreneurs competing for over $50,000 in prizes, each contestant has two minutes to pitch their ideas. Notable guests include Rory Cutaia, CEO of Verb Technology (NASDAQ: VERB), and Scott Absher, CEO of ShiftPixy (NASDAQ: PIXY). The show aims to transform pitching methods through expert insights and practical tips, leveraging Meltzer's extensive experience in media and entrepreneurship.
ShiftPixy, a staffing enterprise listed on NASDAQ as PIXY, is set to present at the Benzinga Global Small Cap Conference on December 8th at 3:15 PM ET. The company offers an innovative platform that enhances workforce management in the Gig Economy, focusing on compliance and reducing administrative challenges for businesses. With nearly 25 years of expertise in workers' compensation and compliance, ShiftPixy aims to support equitable employment practices and navigate regulatory requirements effectively.
ShiftPixy, a staffing enterprise focused on the Gig Economy, reported its 2020 financial results. The company eliminated debt and raised over $25 million while selling lower growth business segments, generating $9.5 million in cash. Q4 2020 gross billings improved by 30% to $18.7 million, although total 2020 revenues declined by 17% to $8.6 million. Additionally, gross profit decreased by 50% to $1.0 million, and operating losses expanded to $21.6 million. Notably, new partnerships may significantly enhance revenue in 2021, with expectations of profitability in the latter half of the fiscal year.
ShiftPixy, a gig engagement platform provider, announced its participation at the Sidoti Virtual Microcap Conference on November 19, 2020. CEO Scott Absher will host investor meetings throughout the day, with the company's presentation scheduled for 4:00 PM ET. ShiftPixy focuses on revolutionizing employment in the Gig Economy through its mobile engagement technology, assisting businesses in managing shift-based employees and regulatory compliance. The company emphasizes its deep expertise in workers' compensation and compliance, aimed at promoting equitable employment practices.
ShiftPixy, a Florida-based gig engagement platform provider, announced its participation in the Fall Investor Summit on November 17, 2020. CEO Scott Absher will present at 3:30 PM ET and hold investor meetings throughout the day. The company offers a human capital management platform that supports shift-based employees while addressing compliance and equitable employment in the Gig Economy. Forward-looking statements in this release are subject to risks and uncertainties, and ShiftPixy advises stakeholders to stay informed through its social media channels.
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