ShiftPixy Stock Is Skyrocketing: What's Going On?

Shares of human capital management platform company ShiftPixy Inc PIXY are rocketing higher in Tuesday's after-hours session. The company announced the effective date for its reverse stock split after the close.

What Happened: Shareholders voted to approve a reverse split on Aug. 21. After the bell on Tuesday, ShiftPixy said the one-for-twenty-four reverse split will take effect on Sept. 30. The reverse-split shares will begin trading on the Nasdaq on Oct. 2.

ShiftPixy has had a tough year in public markets. The stock was down nearly 98% year-to-date and down more than 30% in just the last month as of Tuesday's close. 

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PIXY Price Action: ShiftPixy shares were up 117.2% after hours at 94 cents at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.