What's Going On With ShiftPixy (PIXY) Stock?
Portfolio Pulse from Henry Khederian
ShiftPixy Inc (NASDAQ:PIXY) shares are trading lower by 22.7% after the company announced its 1-for-24 reverse stock split effective date. The reverse stock split will be implemented on September 30, with the newly reversed shares tradable on Nasdaq starting October 2, 2023. This move could potentially create scarcity and increased demand for the remaining shares.
September 28, 2023 | 2:26 pm
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ShiftPixy's announcement of a 1-for-24 reverse stock split has led to a 22.7% drop in its share price. The reverse split could potentially increase demand for the remaining shares.
The announcement of a reverse stock split often leads to a decrease in share price as it reduces the number of outstanding shares. However, it can also create scarcity and potentially increase demand for the remaining shares. Given the significant drop in ShiftPixy's share price following the announcement, it's clear the news has had a negative impact in the short term.
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