Industrial Human Capital, a blank check company formed by ShiftPixy targeting light industrial staffing solutions in North America, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Miami, FL-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Industrial Human Capital will raise -40% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Scott Absher, who currently serves as the CEO of human capital management platform ShiftPixy (Nasdaq: PIXY) and President of Struxurety, and CFO Domonic Carney, who currently serves as the CFO of ShiftPixy. Industrial Human Capital plans to target companies distressed by the COVID-19 pandemic that provide staffing solutions in North America to clients in the light industrial sector.
Industrial Human Capital was founded in 2021 and plans to list on the NYSE under the symbol AXHU. A.G.P. is the sole bookrunner on the deal.
