ShiftPixy Announces Launch of Groundbreaking SPAC Offering
- Proceeds to build light industrial staffing industry roll-up
- Potentially adds substantial scale to the ShiftPixy platform
- Targeting a 100,000 employee collective into the ShiftPixy ecosystem
ShiftPixy, Inc., 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, announced the successful completion of the initial public offering (“IPO”) of the common stock of Industrial Human Capital, Inc. (“IHC”), a Special Purpose Acquisition Companies (SPAC) sponsored by ShiftPixy through its wholly-owned subsidiary, ShiftPixy Investments, Inc. Pursuant to the IPO, IHC sold 11,500,000 units to the public at a price of $10 per unit, with each unit consisting of one share of IHC common stock and one redeemable warrant, with each whole warrant exercisable to purchase one share of IHC common stock at a price of $11.50 per share, subject to adjustment. This includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 1,500,000 units. The units are listed on the New York Stock Exchange (“NYSE”) and began trading under the ticker symbol “AXHU” on October 20, 2021.
“The ShiftPixy platform was designed to rapidly scale and support high staffing industry volumes, and we see an opportunity to leverage the ShiftPixy technology platform to underpin what we anticipate will be a significant consolidation event for the industry”
Once the securities comprising the units begin separate trading, the common stock and the warrants are expected to be listed on the NYSE under the symbols “AXH” and “AXHW,” respectively. ShiftPixy hopes to enter into client service agreements with Industrial Human Capital to supply its human capital needs, which ShiftPixy believes will lead to assembly of one of the largest ever light industrial staffing collectives in the market.
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“The ShiftPixy@ platform was designed to rapidly scale and support high staffing industry volumes, and we see an opportunity to leverage the ShiftPixy technology platform to underpin what we anticipate will be a significant consolidation event for the industry,” said ShiftPixy Co-Founder and CEO Scott Absher. “The potential impact on ShiftPixy’s income, profits and asset value is extraordinary and the culmination of a great deal of innovation and years of hard work.”
ShiftPixy expects that entry into client service agreements with Industrial Human Capital provide an opportunity for increased annual revenue of as much as $1 billion, and accretive pre-tax annual earnings of $50 million.
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