Why ShiftPixy Shares Are Nosediving Wednesday

ShiftPixy Inc PIXY shares are trading lower by 35.67% to $13.85 after the company announced pricing of a $5 million private placement.

What Else?

ShiftPixy says the private placement is expected to close on or about September 23th, subject to customary closing conditions.

The company intends to use the net proceeds from the private placement for general corporate purposes, including working capital, operating expenses and capital expenditures.

See Also: Here's How Much You'd Have Right Now If You Invested $1,000 In Apple Shares When Steve Jobs Stepped Down As CEO In 2011

According to data from Benzinga Pro, ShiftPixy has a 52-week high of $203.00 and a 52-week low of $11.06.