National staffing company ShiftPixy Inc (NASDAQ:PIXY), which is primarily involved with the fast growing ‘gig economy’ space, announced yesterday that it had successfully completed the initial public offering of its SPAC (special purpose acquisition company) Human Capital Inc.
Market Reaction:
On Monday, PIXY stock soared 42.30% at $1.75 with more than 19.57 million shares, compared to its average volume of 1.04 million shares. The stock has moved within a range of $1.2901 – 1.7500 after opening the trade at $1.58.
Major Trigger
In this context, it should be noted that Industrial Human Capital was sponsored by ShiftPixy through its fully owned subsidiary company ShiftPixy Investments Inc. The news came as a major boost to the ShiftPixy stock on Monday and it ended the day with gains of as much as 42% as investors piled on to the stock in a big way.
In this context, it might be a good move to take a closer look at the IPO in question. As many as 11,500,000 units in Industrial Human Capital were offered as part of the IPO for $10 per unit. Each of those units were made up of one common share in Industrial Human Capital and one warrant.
The holders of the warrant will be able to pick up another share in Industrial Human Capital for $11.50 at any point in the future. The price is however subject to adjustments. It might be a good move to keep the ShiftPixy stock in your watch list for this week.
