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4 ShiftPixy blank check vehicles shorten the IPO sizes

Law360 (Aug. 25, 2021, 6:59 p.m. EDT) – Recruitment agency ShiftPixy Inc. cut funding forecasts for four IPOs with special purpose vehicles created by the company that are now projected to raise less than half of the original funds, according to securities affairs Wednesday .

ShiftPixy, represented by Loeb & Loeb LLP, announced to regulators that four SPACs it established through a subsidiary will now raise an estimated $ 600 million or raise $ 150 million each. When the company announced in April that it had formed a subsidiary to create the four SPACs, the vehicles were expected to raise $ 1.25 billion.

SPACs, also known as blank check companies, raise money in …

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