Manpower companies are thriving all around the world. Especially now, employment has changed due to the chaos created by the Corona epidemic. Women and men of all ages have lost their source of income. Those who held senior positions for years, studied in universities, and had a respectable diploma in their pockets, became unemployed overnight. At best, replacing employment with courier jobs. Although this is an acute problem, it is not new. Alpha Capital Anstalt lawsuit case related to its ambition to contribute its share of investment in this important field and to be socially involved in the new adversities.
Buying notes in manpower company
Alpha Capital Anstalt, being a strong successful institutional investing entity, purchased a Senior Convertible note in the amount of $1,266,667, from Shiftpixy, Inc.
Shiftpixy is a company that provides and manages part-time manpower. The next generation in technology for employees and employers. It featured a targeted platform that connects part-time employees to customers. The goal for operators to better connect with the workforce. Creates good connections and flexibility in operating human capital. A very interesting company, the kind of business that has been at the heart of Alpha Capital Anstalt’s interests for years. Very soon it became noticeable that Shiftpixy did not have the same good intentions and Alpha Capital Anstalt lawsuit was unfortunately filed.
Standing for your rights
Sometimes there is simply no choice, and you have to go to court to have your partner comply with the agreements. The purchased senior convertible note was pursuant to a securities purchase agreement. The note gave Alpha Capital Anstalt the right to convert any portion of the Note to Shiftpixy’s common stock. It is a business guided decision which is the right of the investor. When time came Shiftpixy did not honor the request.
Alpha Capital Anstalt lawsuit was accepted by the court. The judge agreed that a breach of contract was made and awarded it with $500,000 for damages and interest. Justice was well served.