ShiftPixy Inc PIXY shares are trading higher Thursday after the company announced plans to spin off ShiftPixy Labs and dividend its digital securities to shareholders.
ShiftPixy has announced plans to transfer the virtual brand development pipeline and technology stack of ShiftPixy Labs to a wholly-owned subsidiary, which will then be dividended to ShiftPixy shareholders. The record date is currently set as Sept. 8.
ShiftPixy said it intends to publicly list the new subsidiary, ShiftPixy Labs Inc, via an initial public offering on both NASDAQ and Upstream during October 2022.
"Since the inception of ShiftPixy Labs, we have made significant progress in developing tech-forward solutions that are nearly ready for launch, including Web3 innovations to support our virtual brand's development. The planned spin-off will allow both ShiftPixy and ShiftPixy Labs to focus resources on the development of their respective initiatives to create even greater opportunity for product development success," said Scott Absher, chairman and CEO of ShiftPixy.
ShiftPixy is a human capital services enterprise, revolutionizing employment in the gig economy by delivering a next-gen platform for workforce management.
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PIXY Price Action: ShiftPixy has a 52-week high of $203 and a 52-week low of $11.06.
The stock was up 84.4% at $20.80 at time of publication.
Photo: StockSnap from Pixabay.
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