ShiftPixy, Inc., a company specializing in workforce management, has filed an amended Current Report on Form 8-K/A with the SEC to provide additional details on its asset purchase agreement (APA) with TAC Nexeo Holdings, LLC, a regional staffing and recruiting solutions provider. The APA, dated March 29, 2024, outlines ShiftPixy's acquisition of nearly all assets from TAC Nexeo Holdings, including intellectual property, client contracts, and other tangible and intangible assets. The total consideration for the assets is $25 million, with payments structured over the closing date and two subsequent anniversaries, subject to certain conditions related to client migration. Additionally, ShiftPixy has the option to pay portions of the consideration in common stock shares. The closing of the APA is contingent upon...Show More

ShiftPixy, Inc., a company specializing in workforce management, has filed an amended Current Report on Form 8-K/A with the SEC to provide additional details on its asset purchase agreement (APA) with TAC Nexeo Holdings, LLC, a regional staffing and recruiting solutions provider. The APA, dated March 29, 2024, outlines ShiftPixy's acquisition of nearly all assets from TAC Nexeo Holdings, including intellectual property, client contracts, and other tangible and intangible assets. The total consideration for the assets is $25 million, with payments structured over the closing date and two subsequent anniversaries, subject to certain conditions related to client migration. Additionally, ShiftPixy has the option to pay portions of the consideration in common stock shares. The closing of the APA is contingent upon customary conditions and may be terminated under specific circumstances. Furthermore, ShiftPixy has entered into a term sheet for a $200 million secured revolving line of credit with Purelogex, Inc. to fund this acquisition and other staffing acquisitions, as well as for general working capital. The line of credit will have a five-year term with a 9% annual interest rate and is subject to standard due diligence. The completion of the acquisition and the financing are not guaranteed.