ShiftPixy Acquires AI Firm TurboScale in $150M Deal to Enhance Workforce Management

Why ShiftPixy (PIXY) Stock Is Rising - ShiftPixy (NASDAQ:PIXY)

ShiftPixy shares are trading higher by 11.7% during Wednesday's session. ShiftPixy Inc PIXY shares are trading higher by 11.7% to $9.15 during Wednesday's session after the company signed an LOI to acquire TurboScale. What To Know: ShiftPixy earlier Wednesday issued an update regarding its plans to acquire TurboScale, a company specializing in AI technology and scalable GPU cloud infrastructure. On October 16, ShiftPixy entered a non-binding LOI to purchase TurboScale for $150 million, comprising $75 million in stock and $75 million in debt. The company says this acquisition aligns with ShiftPixy's strategy to enhance its platform capabilities and drive innovation in the Gig Economy through artificial intelligence. What Else: The completion of the acquisition is contingent upon several factors, including the negotiation of definitive agreements, board and shareholder approval and customary closing conditions. There is no guarantee that the acquisition will proceed as outlined in the LOI. TurboScale offers a platform for deploying AI models, enabling businesses to efficiently manage AI solutions from small projects to large-scale operations. ShiftPixy meanwhile said the company anticipates that integrating TurboScale's technology could significantly improve its staffing efficiency and labor forecasting, providing advanced workforce solutions to clients across various industries. Read Also: Tesla Stock Faces Selling Pressure Ahead Of Q3 Earnings: 4 Takeaways From The Chart How To Buy PIXY Stock By now you're likely curious about how to participate in the market for ShiftPixy - be it to purchase shares, or even attempt to bet against the company. Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. In the the case of ShiftPixy, which is trading at $8.77 as of publishing time, $100 would buy you 11.4 shares of stock. If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading - either way it allows you to profit off of the share price decline. According to data from Benzinga Pro, PIXY has a 52-week high of $228.45 and a 52-week low of $5.43. Market News and Data brought to you by Benzinga APIs

Why ShiftPixy Stock Is Jumping Today - ShiftPixy (NASDAQ:PIXY)

The deal includes $75 million in stock and $75 million in debt, aiming to accelerate innovation and growth by early 2025. ShiftPixy, Inc. PIXY shares are trading higher on Thursday after the company announced its acquisition of TurboScale. TurboScale is an AI technology company focused on scalable GPU cloud infrastructure and the deployment of AI models. This acquisition will allow ShiftPixy to introduce enhanced AI-powered features, such as real-time predictive analytics and machine learning-driven automation, to streamline workforce management. ShiftPixy has structured the $150 million deal to include $75 million in stock and $75 million in debt. This acquisition highlights ShiftPixy's focus on artificial intelligence and strengthens its platform capabilities by integrating TurboScale's advanced AI solutions. Also Read: What's Going On With Phillips 66 Stock Today? "We are excited to welcome TurboScale into the ShiftPixy ecosystem. Their groundbreaking AI infrastructure will amplify our capabilities and unlock new possibilities for our clients," said Scott Absher, CEO of ShiftPixy. The company expressed that, together, they are poised to deliver advanced workforce management tools and innovative, AI-driven solutions for businesses aiming to scale. ShiftPixy anticipates accelerated growth and innovation following the acquisition, with plans to roll out new AI-driven tools by early 2025. According to Benzinga Pro, PIXY stock has lost over 97% in the last year. In September, the firm announced a one-for-fifteen (1:15) reverse split of the issued and outstanding shares, which was effective at market open on Nasdaq on October 14, 2024. Price Action: PIXY shares are trading higher by 149.8% to $13.74 premarket at last check Thursday. Photo via MidJourney Read Next: Market 'Very Convinced' Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is 'Highly Unlikely' Market News and Data brought to you by Benzinga APIs

ShiftPixy, Inc. Announces Signed LOI to Acquire TurboScale By Investing.com

MIAMI--(BUSINESS WIRE)--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. TurboScale provides GPU-accelerated infrastructure, enabling businesses to deploy and scale AI models effortlessly. Their platform offers cost-efficient, highly configurable virtual machines and private cloud solutions, tailored to meet the diverse needs of enterprises, from small experiments to large-scale AI deployments. ShiftPixy believes that, if this acquisition is completed, by integrating TurboScale's advanced GPU cloud and AI technology, ShiftPixy could potentially enhance its ability to optimize staffing efficiency, improve labor forecasting, and offer advanced AI-driven workforce solutions for clients across multiple industries. About ShiftPixy ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management's more than 25 years of workers' compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. About TurboScale TurboScale specializes in AI infrastructure solutions, offering GPU-powered cloud services for AI model training and deployment. With a focus on scalability, efficiency, and cost-effectiveness, TurboScale empowers businesses to harness the full potential of AI technology, from development to deployment". Forward Looking Statements Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. These forward-looking statements include, among other things, statements regarding the potential completion of the acquisition and the potential benefits of the acquisition, if completed. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. The results of the Company are subject to various risks and uncertainties, and could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of the Company's business model; the Company's ability to execute its vision and growth strategy; the Company's ability to attract and retain clients; the Company's ability to assess and manage risks; changes in the law that affect the Company's business and its ability to respond to such changes and incorporate them into its business model, as necessary; the Company's ability to insure against and otherwise effectively manage risks that affect its business; competition; reliance on third-party systems and software; the Company's ability to protect and maintain its intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in the Company's filings with the SEC, including, without limitation, its Annual Report on Form 10-K, and its periodic and current reports on Form 10-Q and Form 8-K. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of the Company, is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of the Company's website at https://ir.shiftpixy.com, or directly from the SEC's website at https://www.sec.gov. Consistent with the SEC's April 2013 guidance on using social media outlets like Facebook (NASDAQ:META) and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

ShiftPixy acquires TurboScale in $150M deal (NASDAQ:PIXY)

ShiftPixy (NASDAQ:PIXY) said it has acquired AI tech company, TurboScale in a $150 million deal. The deal consisted of $75 million in stock and $75 million in debt. The acquisition will help ShiftPixy to introduce AI-powered features. The company also expects accelerated growth and innovation after the acquisition, and is in plans to roll out new AI-driven tools by early 2025. More on ShiftPixy ShiftPixy stock dips on pricing about $2.5 million of securities offering Seeking Alpha's Quant Rating on ShiftPixy Historical earnings data for ShiftPixy Financial information for ShiftPixy