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As Digital-Transformation for HR Services Unfolds, The Gig Economy is Poised for Huge Growth in Years to Come

Palm Beach, FL – May 13, 2022 – News Commentary –  In a recent Forbes Insights report: “Digital HR didn’t just suddenly arrive at organizations’ doorsteps. It has been a gradual journey, incorporating or automating various functions and capabilities over the course of the past two decades.  As organizations transform to meet the realities and opportunities of today’s global economy, “CEOs and HR leaders are focused on understanding and creating a shared culture, designing a work environment that engages people, and constructing a new model of leadership and career development,” states the Global Human Capital Trends 2016 report from Deloitte. “In competition for skilled people, organizations are vying for top talent in a highly transparent job market and becoming laser-focused on their external employment brand. Executives are embracing digital technologies to reinvent the workplace, focusing on diversity and inclusion as a business strategy, and realizing that, without a strong learning culture, they will not succeed.”  As the world of technology advances, we also see significant changes in the way people use it to improve their lives. One such change is extremely evident in the way people relate to their workplace and their expectations from employers and collaborators everywhere. New technologies and better communications helped people everywhere during the pandemic, but it also taught them that there’s a different way of earning a living. The so-called gig economy includes independent contractors, freelancers, entrepreneurs, influencers, YouTubers, and other professionals who prefer a flexible work schedule and a chance to better work-life balance. The gig economy is commonly defined as digital platforms that allow freelancers to connect with potential clients for short-term jobs, contracted work, or asset-sharing. A report from Statista projected that the gross volume of the gig economy is expected to reach 455.2 billion U.S. dollars in 2023.   Another report from onrec, an industry insider for HR Directors, Personnel Managers, Job Boards and Recruiters, said that According to recent data, the gig economy grew by 33% in 2020, which meant it registered an 8.25x faster expansion than the US economy. As a result, around 34% of the US workers are now participants in this growth.   Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), WeWork (NYSE: WE), Upwork Inc. (NASDAQ: UPWK), 51job, Inc. (NASDAQ: JOBS), Fiverr International Ltd. (NYSE: FVRR).


onrec said: “Due to a wide range of freelance platforms… it is now easier than ever to find work as a side gig or an individual project. The lifestyle of a gig worker is flexible and mostly relaxed (if he/she has enough customers to pay the bills). Joking aside, people who swear by the gig economy want to spend more time at home, with the family, or have small children in their care (just an example). By working on their own projects and deciding their own pace, they take control over their time and lives. Plus, if you are good, chances are you will be able to earn more than what you were paid as an employee. After all, you are the one who sets the prices, so the sky’s the limit!”


ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS:  ShiftPixy, Inc. Announces Special Distribution of Shares of Industrial Human Capital, Inc.ShiftPixy, a  Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced that its Board of Directors (the “Board”) approved a special distribution to ShiftPixy shareholders in the form of shares of common stock of Industrial Human Capital, Inc. (NYSE: AXH), the special purpose acquisition company, or “SPAC”, in which ShiftPixy currently owns an approximate 15% ownership stake.  All ShiftPixy shareholders of record as of May 17, 2022, will receive their pro rata share of AXH common stock equal in proportion to their percentage holdings of ShiftPixy common stock issued and outstanding, subject to certain conditions described below.  The exact number of shares of AXH common stock to be received by ShiftPixy shareholders for each share of ShiftPixy common stock will be determined immediately before the record date based on the number of shares of ShiftPixy common stock outstanding on an as-converted and as-exercised basis.  The AXH shares are expected to be distributed to eligible ShiftPixy shareholders as soon as practicable following the completion of AXH’s initial business combination, subject to a registration statement covering the AXH shares being declared effective by the Securities and Exchange Commission (“SEC”).  Fractional shares will not be issued, and no distributions will be made in lieu of fractional shares.  There is no assurance that AXH will be able to successfully complete its initial business combination, in which case AXH would cease all operations except for the purpose of winding up and the AXH common stock will be worthless. 


ShiftPixy acquired the AXH shares subject to the special distribution as part of its financial sponsorship of AXH.  Pursuant to the terms of that transaction, ShiftPixy is permitted to divest these shares by whatever means it deems appropriate and in its best interests to ensure that it does not become an “investment company” subject to registration under the Investment Company Act of 1940 (the “1940 Act”).  ShiftPixy’s Board believes that the special distribution will enable the Company to avoid registration under the 1940 Act.


Payment of the special distribution will be subject to certain conditions, including: (i) consummation of AXH’s initial business combination; (ii) filing with the SEC of a registration statement covering the AXH common stock subject to the special distribution, which the SEC has declared effective; and (iii) a determination by the Board at the time of payment that the special distribution complies with all relevant provisions of Wyoming law. In addition, all shares subject to the special distribution shall be subject to transfer restrictions pursuant to lock up provisions agreed to by ShiftPixy and A.G.P./Alliance Global Partners (“AGP”), as representative of the underwriters of the AXH initial public offering, and AXH, that provide that such securities are not transferable or salable until one (1) year after the completion of the initial business combination, subject to certain exceptions, as described in the Registration Statement on Form S-1 filed by AXH with the SEC and declared effective on October 19, 2021.


ShiftPixy shareholders do not currently need to take any action to receive the special distribution of AXH common stock.  Following the completion of AXH’s initial business combination, ShiftPixy shareholders will continue to hold, along with their new shares of AXH common stock, the same number of shares of ShiftPixy common stock they held immediately prior to the special distribution.  Read this and more news for ShiftPixy at:


In other developments in the markets:


Upwork Inc. (NASDAQ: UPWK), the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”), recently announced its financial results for the first quarter of 2022. Please visit the Upwork Investor Relations website at to view Upwork’s first quarter 2022 Shareholder Letter.


First Quarter 2022 Financial Results Conference Call and Webcast

Upwork recently hosted a conference call on April 27, to discuss the company’s first quarter 2022 financial results. An audio webcast archive will be available following the live event for approximately one year at


51job, Inc. (NASDAQ: JOBS), a leading provider of integrated human resource services in China, recently announced the completion of the merger (the “Merger”) with Garnet Faith Limited, an exempted Company with limited liability incorporated under the laws of the Cayman Islands (“Merger Sub”), pursuant to the previously announced agreement and plan of merger, dated as of June 21, 2021, as amended by amendment No. 1 to agreement and plan of merger, dated as of March 1, 2022 (the “Merger Agreement”), between the Company and Merger Sub, and the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the “Plan of Merger”). In the Merger, Merger Sub merged with and into the Company, with the Company continuing as the surviving company. As a result of the Merger, the Company has become a privately held company and its ADSs will no longer be listed on the NASDAQ Global Select Market (the “NASDAQ”).


WeWork Inc. (NYSE: WE), a leading global flexible space provider, recently disclosed financial results for its first quarter.


Revenue in the first quarter of 2022 was $765 million, an increase of 7% quarter-over-quarter and 28% year-over-year, exceeding the Company’s previous revenue guidance of $740 – 760 million.  The Company enhanced its liquidity profile through a $350 million Junior LC Tranche backed by Brookfield Asset Management and its affiliates as part of the amended LC facility.  The Company tightened the range of guidance for second quarter 2022, to $800 – 825 million from $775 – 825 million announced previously.


“Our first quarter results underscore the long-term value of WeWork’s holistic offerings that are tailored to a new era for the office market. Having built a more sound and disciplined operating model, WeWork is well-positioned to capture demand, grow occupancy, and achieve revenue goals established at the beginning of 2022,” said Sandeep Mathrani, CEO and Chairman of WeWork. “As evidenced by our recently announced partnership with Yardi, WeWork can be a solution for optimizing space utilization in a flexible hybrid work environment.”


Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, recently reported financial results for the first quarter of 2022. Complete operating results and management commentary can be found in the Company’s shareholder letter which is posted to its investor relations website at


“Millions of businesses continue to turn to Fiverr to find a freelancer, as they enjoy the unmatched convenience, speed and selection of the on-demand digital services we provide,” said Micha Kaufman, founder and CEO of Fiverr. “The Fiverr community is active, engaged and growing, and it is our relentless focus to innovate and bring value to our community every day.”


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