UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission File No.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered under Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule.
On September 15, 2023, ShiftPixy, Inc. (the “Company”) received a letter from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”), which notifies the Company that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq’s Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).
The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to March 13, 2024, the closing bid price of the Company’s common stock is at or above $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company with written confirmation of compliance.
If the Company does not achieve compliance with the Minimum Bid Price Requirement by March 13, 2024, the Company may be eligible for an additional 180 calendar days compliance period if the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and provides written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal the Staff’s determination to delist its securities, but the Staff may refuse to grant the Company’s request for continued listing. If during any compliance period the Company’s common stock has a closing bid price of $0.10 or less for ten consecutive trading days, the Staff shall issue a Delisting Determination under Nasdaq Listing Rule 5810 with respect to that security.
There can be no assurance that the Company will successfully regain compliance with the Minimum Bid Price Requirement within the extension period, or at all.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SHIFTPIXY, INC. |
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Date: September 18, 2023 | By: | /s/ Scott W. Absher |
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| Scott W. Absher |
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| Chief Executive Officer |
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Cover |
Sep. 15, 2023 |
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| Cover [Abstract] | |
| Entity Registrant Name | SHIFTPIXY, INC. |
| Entity Central Index Key | 0001675634 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | true |
| Document Period End Date | Sep. 15, 2023 |
| Entity Ex Transition Period | false |
| Entity File Number | 001-37954 |
| Entity Incorporation State Country Code | WY |
| Entity Tax Identification Number | 47-4211438 |
| Entity Address Address Line 1 | 13450 W Sunrise Blvd |
| Entity Address Address Line 2 | Suite 650 |
| Entity Address City Or Town | Sunrise |
| Entity Address State Or Province | FL |
| Entity Address Postal Zip Code | 33323 |
| City Area Code | 888 |
| Local Phone Number | 798-9100 |
| Security 12b Title | Common Stock, par value $0.0001 per share |
| Trading Symbol | PIXY |
| Security Exchange Name | NASDAQ |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |