ShiftPixy, Inc. (PIXY) stock climbing in the premarket: Here’s Why

Shares of the ShiftPixy, Inc. (PIXY) stock were climbing in the premarket trading session today on October 25, 2021. PIXY stock price saw a push of 10.57% to reach $1.36 a share at the time of this writing. The stock was also green in the previous trading session and went up by 8.85% at closing with a $1.23 per share price. Let’s take a closer look at this stock.

What’s Happening?

There is no major announcement or press release by ShiftPixy today associated with the bullish sentiment.  The per-share price of PIXY stock is getting hype due to some external factors and social media interaction between investors.

For your intuition, ShiftPixy, Inc is engaged in staffing services in the United States of America. The company mainly provides services to restaurants and hospitality service industries. The company was founded in 2015 and its headquarter are located in Miami, Florida.

PIXY stock secured Virus-Killing Genesis One Technology:

On September 27, 2021, PIXY stock announced the agreement with Quelliv, Inc pursuant to which it had secured the exclusive distribution rights for the Genesis One antivirus laser systems.  The purpose of PIXY stock behind this agreement was to provide better safety and support to the restaurants and retailers in the face of COVID.

Initially, ShiftPixy is providing an antiviral laser system to its clients as an extension of its services. The stock expects the major rollout of this system in 2022.

Private placement by PIXY stock:

At the beginning of September, ShiftPixy stock announced the$12 million private placement of its common stock and warrants exercisable for common stock. PIXY signed a securities purchase agreement with certain institutional investors pursuant to which it agreed to sell 2,850,000 shares of its common stock along with warrants to purchase up to 2,850,000 shares of common stock. Moreover, the sale of 4,673,511 pre-funded warrants with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase up to 4,673,511 shares of common stock was also announced in the agreement.  The combined offering price for each common share along with a common warrant was $1.595.The net proceeds from the offering will be used for certain PIXY expenses as well as for general corporate purposes.

Wrap Up:

Things are going well for PIXY stock as far as market sentiment is concerned. It would be interesting to see how long this bullish trend will persist as every rise is followed by a fall and vice versa. In a nutshell, deep fundamental, as well as technical analysis, is necessary before making any decision.