ShiftPixy Inc. (NASDAQ: PIXY) on Thursday announced plans to spin off its virtual brand development pipeline and technology stack included in its ShiftPixy Labs business.
Plans call for the operations to be transferred to a wholly owned subsidiary called ShiftPixy Labs Inc., which will be dividended to ShiftPixy shareholders. Management’s ultimate intention is to offer ShiftPixy Labs via an initial public offering on both Nasdaq and the Upstream exchange in October.
Miami-based ShiftPixy provides staffing in the food service, light industrial and hospitality markets and provides a human resources information system. However, its ShiftPixy Labs operation works with restaurants and aims to create metaverse experiences such as NFT avatars and augmented reality menus.
“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,” Chairman and CEO Scott Absher said.
In addition, ShiftPixy announced earlier this week that it plans to list its shares on the Upstream exchange in addition to Nasdaq. The Upstream exchange is powered by the Etherium blockchain. It’s designed to enable users to trade NFTs and invest in securities for IPOs, crowdfunded companies, US and international equities and celebrity ventures using the Upstream app.