Welcome to our dedicated page for ShiftPixy news (Ticker: PIXY), a resource for investors and traders seeking the latest updates and insights on ShiftPixy stock.
ShiftPixy, Inc. (NASDAQ: PIXY) is a leading player in the Gig Economy, providing a revolutionary platform for managing part-time and shift-based employment. The company's disruptive human capital management system enables businesses to seamlessly sync work opportunities with the available time slots of shift workers. This innovative approach eliminates the need for formal job interviews and long-term commitments, offering a flexible solution for both job providers and workers.
ShiftPixy’s platform leverages advanced mobile engagement technology to help businesses navigate complex regulatory mandates, minimize administrative burdens, and connect with a ready-to-hire workforce. The company's app allows shift workers, referred to as “shifters,” to enroll, create profiles, and prequalify for open shift opportunities based on their work and training experience. This ensures a higher match rate and more efficient staffing for businesses.
Operating primarily in California and Washington, ShiftPixy generates key revenue from Californian clientele. The company’s gross billings, which include clients' fully burdened payroll costs, serve as a significant operating metric. ShiftPixy is also expanding its national footprint by engaging with industrial, medical, and technology staffing companies.
Recently, ShiftPixy has integrated Artificial Intelligence (AI) into its platform to streamline processes such as onboarding and instant interviews. Powered by IBM's Watson, the AI enhancements allow new employees to complete onboarding quickly and efficiently, while also enabling job seekers to participate in virtual interviews via their smartphones. This technological advancement helps reduce turnover and improve engagement.
In an effort to recapitalize, ShiftPixy has been conducting a reverse stock split and exploring new financial avenues, including a sizeable debt facility to fund acquisitions. The company has three Letters of Intent with firms moving towards definitive agreements, aiming to close one acquisition per month through 2024.
ShiftPixy’s innovative solutions are not only transforming employment practices but are also addressing compliance and equitable employment demands in the growing gig economy. Investors and stakeholders are encouraged to stay updated on the company's progress through ongoing interviews and announcements.
ShiftPixy, Inc. (Nasdaq: PIXY) has successfully launched Quelliv Inc., a low-level laser center, through its ShiftPixy Labs. This project, targeting 500 stores in 24 months, aims for a public offering in early 2023. Quelliv specializes in photobiomodulation technology for anti-aging, weight management, and pain management. Influencers like Tony Robbins have endorsed their technology. ShiftPixy's CEO Scott Absher anticipates opportunities for equity interests benefitting shareholders as dividends.
ShiftPixy, Inc. (Nasdaq: PIXY) has launched Quelliv Inc. laser centers in Florida, offering non-invasive treatments for pain, inflammation, and skin health. This initiative is part of ShiftPixy's aim to expand its operations in the Gig Economy through its unique platform. Quelliv plans to establish 500 centers across the U.S. within two years, with existing locations in West Palm Beach, Naples, and St. Petersburg and new ones in Aventura and Sarasota coming soon. Their technology utilizes Genesis One lasers for effective results.
ShiftPixy, Inc. (NASDAQ: PIXY) announced a $5 million private placement of common stock and warrants with a U.S. institutional investor. The agreement includes the sale of 416,667 shares of common stock and warrants for 833,334 shares, priced at $12.00 each. The funds will support general corporate purposes, including working capital and operating expenses. The private placement is anticipated to close by September 23, 2022. The Company has also agreed to lower the exercise price of existing warrants to $0.01 per share.
ShiftPixy, Inc. (NASDAQ: PIXY) announced the spin-off of ShiftPixy Labs into a wholly-owned subsidiary, which will be dividend to shareholders as of September 8, 2022. This strategic move aims to enhance shareholder value and focus resources on the separate initiatives of both entities. The spin-off is contingent on compliance with Wyoming law and ShiftPixy Labs's qualifications for future listing on the Blockchain-powered Upstream exchange, with a potential IPO planned for October 2022.
ShiftPixy, Inc. (NASDAQ: PIXY) has initiated an application to dual list its shares on Upstream, a trading app for digital securities and NFTs. The dual listing aims to tap into a global digital-first investor base, allowing trades in USDC and other currencies, thereby enhancing liquidity and price discovery. CEO Scott W. Absher emphasized the potential of this move to access worldwide capital markets. ShiftPixy meets the necessary listing standards due to its existing NASDAQ compliance, and approval is pending from MERJ Exchange Limited.
ShiftPixy, Inc. (NASDAQ: PIXY) announced a one-for-one hundred (1:100) reverse stock split effective September 1, 2022. This decision follows a shareholder vote on July 19, 2022, aimed at enhancing the company's stock value. ShiftPixy operates in the Gig Economy, providing a platform for workforce management to help businesses navigate compliance and connect with workers. The company emphasized its innovative approach and experience in human capital services, while also cautioning investors about forward-looking risks associated with the business model and regulatory environment.
ShiftPixy, Inc. (NASDAQ: PIXY) announced a leadership change effective May 24, 2022, as Treasurer and CFO Domonic J. Carney takes a leave of absence and resigns from both ShiftPixy and Industrial Human Capital, Inc. (NYSE: AXH). Manuel Rivera, previously Vice President of Accounting, is appointed as Acting CFO, while Gabriel Rodriguez moves from Director of Finance to CFO of AXH. Carney was credited with significant financial improvements, including eliminating debt and raising over $50 million in equity.
ShiftPixy, Inc. (NASDAQ: PIXY) announced a special distribution of common stock from its 15% stake in Industrial Human Capital, Inc. (NYSE: AXH) to its shareholders of record as of May 17, 2022. Shareholders will receive AXH shares proportional to their holdings in ShiftPixy. The distribution hinges on conditions like AXH’s initial business combination and SEC registration. ShiftPixy's Board believes this move will help avoid registration as an investment company under the Investment Company Act.
ShiftPixy, Inc. (NASDAQ: PIXY) has withdrawn its registration statements for three SPACs to focus on its sponsored SPAC, Industrial Human Capital, Inc. (NYSE: AXH). CEO Scott Absher indicated that this strategic decision aims to allocate resources efficiently in the current market, enhancing the chances of success for Industrial Human Capital’s business combination. ShiftPixy's commitment to developing a platform for gig economy staffing remains firm, emphasizing its mission to adapt to regulatory challenges and streamline workforce management.
ShiftPixy, Inc. (NASDAQ: PIXY) has announced a new non-fungible token (NFT) gamification loyalty program set to launch in 2022, alongside its Ghost Kitchen food brands. This innovative program aims to immerse consumers in augmented reality experiences, integrating Web and app-based gamification. With over 40 million monthly users in the metaverse, ShiftPixy intends to leverage this growth to enhance consumer engagement and revolutionize the dining experience. Despite the excitement, the company acknowledges potential risks and uncertainties associated with the project and its overall business model.
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