Why ShiftPixy Stock (PIXY) Is Exploding 150% Higher
Portfolio Pulse from Henry Khederian
ShiftPixy Inc (NASDAQ:PIXY) shares surged by 157% after the company announced the effective date for its 1-for-24 reverse stock split. The reverse split will be implemented on September 30, following a shareholder vote on August 21. The newly reversed shares will be tradable on Nasdaq from October 2, 2023. The move is expected to create scarcity and increased demand for the remaining shares.
September 27, 2023 | 2:31 pm
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ShiftPixy's announcement of a 1-for-24 reverse stock split has led to a 157% surge in its share price. The reverse split is expected to decrease the stock's float, potentially creating scarcity and increased demand for the remaining shares.
The announcement of the reverse stock split has led to a significant increase in ShiftPixy's share price. This is likely due to the expectation that the decrease in the number of outstanding shares will create scarcity and increase demand for the remaining shares, potentially driving the price up further in the short term.
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