PIXY - ShiftPixy surges on plans to spin-off ShiftPixy Labs

• ShiftPixy ( NASDAQ: PIXY ) shares surged up to 51% pre-market on Thursday after the human capital services enterprise announced plans to spin-off ShiftPixy Labs and dividend its digital securities to shareholders.
• The firm plans to transfer the Virtual Brand development pipeline and technology stack of ShiftPixy Labs to a wholly-owned subsidiary, ShiftPixy Labs, Inc., which will then be disbursed to ShiftPixy shareholders in form of dividend, using a record date of Sep 08, 2022.
• The transaction is subject to various conditions, including ShiftPixy Labs, Inc.'s meeting the qualifications for future listing on the blockchain-powered securities exchange Upstream. If successful, the spin-off will result in two standalone public companies.
• Management plans to publicly list ShiftPixy Labs, Inc. via an initial public offering on both NASDAQ and Upstream during October 2022.
• On Wednesday, ShiftPixy applied for dual listing on Upstream

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