We are a newly organized blank check company incorporated in February 2021, as a Delaware corporation whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination. We seek to capitalize on the significant experience and contacts of our management team, led by Scott W. Absher, in consummating an initial business combination. Although we may pursue an initial business combination opportunity in any business, industry, sector or geographical location, we intend to focus on private companies distressed by the economic downturn caused by the COVID-19 pandemic that provide staffing solutions in North America to clients in the light industrial sector, who we believe will benefit from improved business economics provided by increased scale and integration with the human capital technology platform built by our sponsor’s corporate parent and its operating subsidiaries.
Our sponsor’s corporate parent, ShiftPixy, Inc. (“ShiftPixy”), is publicly traded on the Nasdaq Stock Market, LLC under the trading symbol “PIXY.” ShiftPixy’s market focus is to use a traditional staffing services business model, coupled with developed technology, to address underserved markets containing predominately lower wage employees with high turnover, including the light industrial, services, and food and hospitality markets. ShiftPixy has also begun to expand its services into other industries that utilize higher paid employees on a temporary or part-time basis, including the medical/nurse staffing industry. ShiftPixy provides human resources, employment compliance, insurance related, payroll, and operational employment services solutions for its business clients (“clients” or “operators”) and shift work or “gig” opportunities for worksite employees (“WSEs” or “shifters”). As consideration for providing these services, ShiftPixy receives administrative or processing fees as a percentage of a client’s gross payroll, processes and files payroll taxes and payroll tax returns, provides workers’ compensation insurance related services, and provides employee benefits.