SHIFTPIXY, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

Item 1.01. Entry into a Material Definitive Agreement.

On January 3, 2020, ShiftPixy, Inc. (the "Company") executed an Asset Purchase Agreement ("Agreement") with Shift Human Capital Management Acquisitions, LLC, part of Vensure Employer Services, Inc. ("Vensure").

The Agreement is attached as an exhibit but as a summary of the Agreement, the Company assigned all rights and interests in its existing Professional Employer Organization (PEO) business to Vensure. The Company will continue to focus on its staffing/technology model serving the Quick Service Restaurant and staffing industries.

Under the Agreement, the Company assigned approximately sixty percent (60%) of its overall business and 100% of its existing PEO business and in addition, the Company agreed to sell certain operating assets associated with the client contracts assigned. In exchange, Vensure paid the Company Nineteen Million Dollars ($19,000,000.00). The Agreement is effective January 1, 2020.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.   Description

  10.1          Asset Purchase Agreement, dated January 3, 2020

  99.1          Press Release, dated January 7, 2020





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