ShiftPixy (NASDAQ:PIXY) stock is on the move Friday after the gig economy company announced special purpose acquisition company (SPAC) plans.
ShiftPixy has revealed that it will be sponsoring SPACs through a newly-created wholly-owned subsidiary. It was identified as such in a Form S-1 filed with the Securities and Exchange Commission (SEC). This will have it backing the initial public offerings (IPO) of four SPACs.
Here are the four SPACs that ShiftPixy is acting as the sponsor of.
- Industrial Human Capital, Inc. — The proposed offering would have this company offering 25 million units to the public made up of one share of stock and one half of a redeemable warrant. These would be priced at $10 each. The company seeks to acquire one or more light industrial staffing companies after going public.
- Vital Human Capital, Inc. — The proposed offering would include 25 million units with thee also being one stock and one half of a warrant. Yet again, the price here would be $10 per unit. The company seeks to acquire one or more health and nursing staffing companies after its IPO.
- TechStackery, Inc. — Just like the last two, this offering would include 25 million units with them being one share of stock and one-half of a redeemable warrant. The price is also set at $10 per unit. In this company’s case, the goal is to acquire one or more technology staffing companies.
- Insurity Capital, Inc. — The last company on the list differs with plans to offer 50 million units. However, the units are still one share of common stock and one-half of one redeemable warrant. The price is also set at $10 per unit. This company’s goal is the acquisition of “one or more commercial insurance company “shells” licensed to conduct business throughout the United States.”
ShiftPixy is seeing massive trading levels today with some 42 million shares of PIXY stock changing hands. That’s an incredible increase compared to its daily average trading volume of 2 million shares.
PIXY stock was down slightly as of Friday afternoon.
Investors that are looking for more SPAC news are in luck.
While SPACs aren’t as popular as they were earlier this year, there’s still plenty of information to keep track of. That includes companies such as Social Capital Hedosophia V (NYSE:IPOE), BowX Acquisition (NASDAQ:BOWX), UWM Holdings (NYSE:UWMC), and others. Check out the latest info below.
More SPAC News
- What the Response to the SPAC Craze Means for Social Capital Hedosophia V
- 8 Major Players in the SPAC Game to Watch
- The After-the-SPAC Drop In UWM Holdings Stock Is Almost Inexplicable
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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