ShiftPixy, Inc.: Nasdaq/NYSE listing notice — Nasdaq reprimands ShiftPixy for issuing 462% of outstanding shares without shareholder approval

ShiftPixy, Inc.

Nasdaq issued a Letter of Reprimand for violating Listing Rule 5635(d) by not obtaining shareholder approval.
Two transactions on July 18 and Sept 20, 2022, with same investor, aggregated to ~462% of pre-transaction shares outstanding at below Minimum Price.
Company avoided delisting, committed to consult Nasdaq before similar future transactions within six months.
ShiftPixy amended September warrants to extend initial exercise to six months as a remedial measure.
Company will not appeal the determination.

item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

ShiftPixy, Inc. received a nasdaq noncompliance notice notice regarding other (rules 5635(d)).

Exchange: nasdaq
Notice: noncompliance notice
Rules: 5635(d)

Exact text from the filing

January 17, 2023, the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) issued a Letter of Reprimand to ShiftPixy, Inc. (“ShiftPixy” or the “Company”) for the Company’s violation, as determined by Nasdaq, of Listing Rule 5635(d) (the “Rule”). In reaching this determination, the Staff considered the aggregation of two transactions completed by the Company, on July 18, 2022, and September 20, 2022 (which included “New Warrants”), to determine whether shareholder approval is required under the Rule. The Staff noted in particular the proximity o

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Source: SEC EDGAR

accession 0001104659-23-005450

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