ShiftPixy stock soars on record volume, after plan to spin off ShiftPixy Labs business

Shares of ShiftPixy Inc.
PIXY,
+176.54%
skyrocketed 84.1% in very active morning trading Thursday, enough to make them the biggest gainers trading on major U.S. exchanges, after the gig-economy focused workforce management company announces plans to spin off its ShiftPixy Labs business. Trading volume reached 7.1 million shares in the first half hour after the open, already more than triple the stock’s previous one-day volume record of 2.2 million shares set Sept. 1, 2022. As part of the spinoff, the company said it will transfer ShiftPixy Labs’ Virtual Brand development pipeline and technology stack to a wholly owned subsidiary, ShiftPixy Labs Inc., which will then be “dividended” to ShiftPixy shareholders of record on Sept. 8. The stock has still plunged 82.4% year to date, while the Nasdaq Composite
COMP,
+0.60%
has dropped 24.9%.