ShiftPixy Withdrawing Application to List on Upstream

Rhea-AI Summary

ShiftPixy (NASDAQ: PIXY) has announced the withdrawal of its application to list its securities on Upstream. The company, focused on the Gig Economy, provides a platform that aids workforce management, especially for shift-based employees. ShiftPixy aims to tackle regulatory compliance and improve employment practices in this sector. The company emphasizes its experience in workers' compensation and compliance, while noting potential risks and uncertainties related to its growth strategy and competition.

Positive

• ShiftPixy focuses on a growing market in the Gig Economy.
• The company has over 25 years of experience in workers' compensation and compliance.

Negative

• Withdrawal from Upstream listing may hinder visibility and access to capital.
• Ongoing risks related to the execution of its growth strategy and competition.

MIAMI--(BUSINESS WIRE)-- ShiftPixy, Inc. (Nasdaq: PIXY) (“ShiftPixy” or “the Company”), a Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced it is withdrawing the company’s application to list its securities or the securities of ShiftPixy Labs, Inc. on Upstream.

About ShiftPixy

ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s more than 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. These forward-looking statements include, among other things, statements regarding the anticipated use of proceeds from the private placement, the anticipated closing date of the private placement and the anticipated filing and effectiveness date for a registration statement related to the resale of the common shares and common shares underlying warrants from the private placement. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of the Company, could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of the Company’s business model; the Company’s ability to execute its vision and growth strategy; the Company’s ability to attract and retain clients; the Company’s ability to assess and manage risks; changes in the law that affect the Company’s business and its ability to respond to such changes and incorporate them into its business model, as necessary; the Company’s ability to insure against and otherwise effectively manage risks that affect its business; competition; reliance on third-party systems and software; the Company’s ability to protect and maintain its intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, and its periodic and current reports on Form 10-Q and Form 8-K. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of the Company, is included in the filings we make with the SEC from time to time. These documents are available on the “SEC Filings” subsection of the “Investor Information” section of the Company’s website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005728/en/

INVESTOR:

InvestorRelations@shiftpixy.com

800.475.3655

Source: ShiftPixy, Inc.

FAQ

Why did ShiftPixy (PIXY) withdraw its listing application?

ShiftPixy withdrew its application to list securities on Upstream, although specific reasons were not detailed.

What market does ShiftPixy (PIXY) operate in?

ShiftPixy operates in the rapidly growing Gig Economy, providing staffing solutions for shift-based employees.

What are the risks mentioned by ShiftPixy (PIXY) in their press release?

ShiftPixy highlighted risks related to its business model, competition, and potential challenges in executing its growth strategy.