Why Is ShiftPixy (PIXY) Stock Up 96% Today?

  • ShiftPixy (PIXY) stock is taking off Thursday on spinoff plans.
  • This has it planning to spinoff its ShiftPixy Labs business.
  • That will see initial public offerings (IPOs) take place in October.
PIXY Stock - Why Is ShiftPixy (PIXY) Stock Up 96% Today?

Source: shutterstock.com/T. Schneider

ShiftPixy (NASDAQ:PIXY) stock is rocketing higher on Thursday after the company announced plans to spin off ShiftPixy Labs.

That’s big news for investors in PIXY stock as the company intends to give them a stake in the spinoff via a special dividend. ShiftPixy will be using Sept. 8 as the record date for shareholders to receive that dividend.

ShiftPixy notes that this will see ShiftPixy Labs shares debut via an initial public offering (IPO). The company will list its shares on the Nasdaq, as well as blockchain exchange Upstream. The current plan is for those IPOs to take place in October.

ShiftPixy Labs Will Focus on Web3

Scott Absher, chairman and CEO of ShiftPixy, said the following about the IPO plans:

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.

News of the spinoff has PIXY stock seeing massive trading volume on Thursday! That has over 10 million shares on the move as of this writing. To put that in perspective, the gig company’s daily average trading volume is closer to 74,000 shares.

PIXY stock is up 96% as of Thursday afternoon.

There’s more recent stock market news worth diving into below!

InvestorPlace is home to all of the hottest stock market news for Thursday! Among that is what has MindMed (NASDAQ:MNMD) stock moving, a private placement for Asana (NYSE:ASAN) stock, as well as a new contract for QuickLogic (NASDAQ:QUIK). You can read up on all of this news at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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