4 ShiftPixy Blank-Check Vehicles Slash IPO Sizes

By Tom Zanki (August 25, 2021, 6:59 PM EDT) -- Staffing firm ShiftPixy Inc. lowered funding projections on four initial public offerings involving special purpose acquisition companies created by the business, which now expect to raise less than half of what was originally projected, according to securities flings Wednesday.

ShiftPixy, represented by Loeb & Loeb LLP, told regulators that four SPACs it established through a subsidiary are now estimated to raise $600 million combined, or $150 million each. When the company in April disclosed that it formed a subsidiary to create the four SPACs, the vehicles were projected to raise $1.25 billion combined.

Also called blank-check companies, SPACs raise money in...

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