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ShiftPixy's insurance SPAC Insurity Capital files for a $500 million IPO

April 29, 2021
FMGU

Insurity Capital, a blank check company formed by ShiftPixy targeting a US-licensed insurance shell offering products to staffing companies, filed on Thursday with the SEC to raise up to $500 million in an initial public offering.

The Miami, FL-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Insurity Capital would command a market value of $625 million.

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; CFO Domonic Carney, who currently serves as the CFO of ShiftPixy; and COO Steven Sims, who most recently served as the President of Convelo Insurance Group. Insurity Capital plans to target an insurance shell licensed throughout the US that will be able to provide workers' compensation and other employer-related insurance to staffing companies and their clients.

Insurity Capital is one of four blank check companies sponsored by ShiftPixy that filed on Thursday, all targeting staffing solutions in various industries. The others are industrial-focused Industrial Human Capital (AXHU), tech-focused TechStackery (TSYU), and healthcare-focused Vital Human Capital (VITU).

Insurity Capital was founded in 2021 and plans to list on the NYSE under the symbol FMGU. A.G.P. is the sole bookrunner on the deal.