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ShiftPixy, Inc. (PIXY) is facing a decrease in the aftermarket. What’s causing it to decline?

ShiftPixy, Inc. (PIXY) has experienced a decline of 9.6% in the aftermarket without any specific reason. However, the last trading session concluded at $1.25 with a decrease of 0.79%.

What’s currently happening?

The company has not issued any press release on today’s date. Yet there is some recent news so let’s dive deep into it.

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PIXY Announces Pricing of $12 Million Private Placement Priced At-The-Market Under Nasdaq Rules

PIXY reported its entry into a securities purchase agreement on 1^st September 2021. This agreement is based on a large institutional investor for a tender offer of common stock and warrants exercisable for common stock.

The Company has offered to sell I 2,850,000 shares of its common stock, along with authorization to buy up to 2,850,000 common shares. The pre-funded warrants will be instantly available at a nominal exercise price of $0.0001. They may be purchased at any moment until they are all exercised in full. The common warrants will get an exercise price of $1.595 per share. Moreover, they will be exercisable immediately upon distribution and will expire five years after the effective registration statement representing the shares underlying the warrants is filed.

Sponsorship of Four SPAC Offerings

PIXY stated on 29^th April 2021 that the Company was named as the sponsor in registration statements on Form S-1 filed with the Securities and Exchange Commission. It pertained to the planned initial public offerings of the following four Special Purpose Acquisition Companies:

Firstly, Industrial Human Capital, Inc., plans to sell 25 million units to the public for $10 each, each consisting of one share of common stock and one-half of a redeemable warrant.
Secondly, Vital Human Capital, Inc., plans to sell 25 million units to the public for $10 each. It consisted of one share of common stock and one-half of a redeemable warrant and utilize the funds to buy one or more health and nursing staffing firms.
Thirdly, TechStackery, Inc., also plans to sell 25 million units to the public for $10 each. It also consisted of one share of common stock and one-half of a redeemable warrant, with the funds going toward acquiring one or more technology staffing firms.

PIXY announced First Quarter 2021 Fiscal Results

PIXY released its first-quarter 2021 financial results on 14^th January 2021. According to them:

As of November 30, 2020, the balance sheet has improved, with cash of $9.1 million and no long-term debt.
Net loss was $6.9 million, or $0.22 per share, excluding non-recurring items.
Operating loss of $5.6 million in the first quarter of the fiscal year 2021.
Increased workers’ compensation reserves connected to the January 2020 Asset Sale resulted in a $1.3 million discontinued operations charge.
Despite the impact of new COVID-19 limitations on our Southern California restaurant customers commencing in November 2020.
Revenues grew 15% to $2.5 million in the first quarter of Fiscal 2021.