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ShiftPixy, Inc., a staffing agency operating under the industrial classification of employment agencies, is facing potential delisting from the Nasdaq Stock Market due to non-compliance with the minimum market value requirement.
The company, based in Miami, Florida, was notified of its failure to meet the Nasdaq's $35 million market value of listed securities (MVLS) threshold for 30 consecutive business days.
The initial notice, dated February 26, 2024, triggered a 180-day grace period for ShiftPixy to regain compliance, which lapsed on August 26, 2024. As of the deadline, the company had not met the MVLS Rule, prompting formal notification from Nasdaq's Listing Qualifications Department of the impending delisting action.
In response to this development, ShiftPixy intends to request a hearing before the Nasdaq Hearing Panel. This request will temporarily halt the delisting process until the hearing's conclusion. During this time, the company is exploring all options to meet the MVLS Rule and other Nasdaq listing criteria.
In other recent news, ShiftPixy, Inc. has announced a securities offering that could potentially raise approximately $2.5 million. The offering includes over 2.4 million common shares and series A and B warrants, priced at $1.04 each. A.G.P./Alliance Global Partners (NYSE:GLP) is serving as the sole placement agent for the transaction. In tandem with this, ShiftPixy has also negotiated with an existing investor to adjust the exercise price of previously issued warrants to align with the current offering.
In addition to the securities offering, ShiftPixy shareholders have approved several key proposals, most notably the ratification of a reverse stock split. The split, which could range from one-for-two to one-for-twenty, received significant support from shareholders. This move is often undertaken by companies to increase the market price of their shares.
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