Why ShiftPixy Shares Are Getting Obliterated Wednesday

ShiftPixy Inc PIXY shares are trading lower by 23.72% to $0.15 Wednesday afternoon after the company announced a 1-for-100 reverse stock split.

ShiftPixy says the new reversed shares will begin trading on Nasdaq on September 1st, the start of the company's new fiscal year.

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ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management.

According to data from Benzinga Pro, ShiftPixy has a 52-week high of $2.03 and a 52-week low of $0.12.