ShiftPixy shares are trading higher by 11.7% during Wednesday's session. The company announced it signed a LOI to acquire TurboScale.

This press release is issued to update and clarify statements made in the previous release dated October 17, 2024. 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, announced that on October 16, 2024, it entered into a non-binding Letter of Intent (“LOI”) to acquire TurboScale, a cutting-edge AI technology company specializing in scalable GPU cloud infrastructure and AI model deployment, for a purchase price of $150 million. The deal, structured as $75 million in stock and $75 million in debt, underscores ShiftPixy’s commitment to accelerating innovation through artificial intelligence and enhancing its platform capabilities with TurboScale’s advanced AI solutions. The completion of the acquisition is subject to the negotiation of definitive agreements and other customary closing conditions, including board and shareholder approval and completion of an examination period. There is no assurance the acquisition will be completed on the terms contemplated in the LOI, or at all.

ShiftPixy stock surged after announcing its $150 million acquisition of TurboScale, enhancing its AI capabilities.PIXY

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 its acquisition of TurboScale, a cutting-edge AI technology company specializing in scalable GPU cloud infrastructure and AI model deployment, in a $150 million transaction. The deal, which was structured with $75 million in stock and $75 million in debt underscores ShiftPixy’s commitment to accelerating innovation through artificial intelligence and enhancing its platform capabilities with TurboScale’s advanced AI solutions.

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 a one-for-fifteen (1:15) reverse split of the Company’s issued and outstanding shares of Common Stock, which will be effective at market open on Nasdaq on October 14, 2024.

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 the pricing of its "reasonable best efforts" offering of 2,403,847 common shares (or common share equivalents in lieu thereof) together with series A warrants to purchase up to 2,403,847 common shares and series B warrants to purchase up to 2,403,847 common shares at an offering price of $1.04 per common share and accompanying series A and B warrants. Each series A warrant is exercisable upon receipt of shareholder approval for one share of common stock at an exercise price of $1.04 per share and will expire five years from the effective date of shareholder approval. Each series B warrant is exercisable upon receipt of shareholder approval for one share of common stock at an exercise price of $1.04 per share and will expire two years from the effective date of shareholder approval. Gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $2.5 million.

PIXY stock results show that ShiftPixy beat analyst estimates for earnings per share and beat on revenue for the third quarter of 2024.

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