On January 18, ShiftPixy Inc. (PIXY) filed an amendment to its quarterly report on Form 10-Q for the period ended November 30, 2021. Consequently, the stock surged in the following trading sessions.
During the regular session, the stock added a huge 31.50% at its closing price of $1.67. PIXY increased by a further 7.78% in the after-hours session. Resultantly, the stock was trading at $1.80 at an after-hours volume of 1.27 million on Wednesday.
ShiftPixy Inc. is a Florida-based national staffing enterprise with a market capitalization of $36.47 million. Currently, the company has 28.71 million shares outstanding in the market. In the past five days, PIXY stock has increased by 63.73% while adding 42.74% year to date.
What’s going on?
The company filed an amendment to its quarterly Form 10-K report for correcting a technical error with the software of its EDGAR service provider. The quarterly report on Form 10-K was recently filed with the U.S. Securities and Exchange Commission on January 14, 2022.
Moreover, the amendment did not modify or update any of the financial information in the original report.
PIXY’s Quarterly Report Highlights
As per the results of the quarter ended November 30, 2021, PIXY had consolidated revenues of $8,940,000. Comparatively, the same was $2,503,000 in the year-ago period.
Furthermore, in the quarter ended November 30, 2021, the net loss was $8,713,000 against $6,936,000 in the year-ago quarter. Therefore, the net loss per basic and diluted share was $0.24 and $0.22 in the quarter ended November 30, 2021, and 2020, respectively.
PIXY’s Recent Participations
On December 14, the company hosted meetings and participated in a panel discussion at the Wolfe Consumer Growth Conference. The panel discussion was titled “Shifting Consumer Behaviors – Stay at Home or On the Road?”.
Previously, PIXY also participated and presented at the Sidoti Virtual Conference, on Wednesday, December 8, 2021.
Other Developments
On October 27, the company had announced Amanda Murphy’s promotion to the post of Chief Operating Officer. The promotion was effective as of January 1, 2022.
Further on, Ms. Murphy was the company’s Director of Operations since January 2016. Also, since April 2020, she has been a member of the company’s board of directors.
Before that, On October 25, PIXY announced the completion of an initial public offering of Industrial Human Capital, Inc.’s common stock. Sponsored by the company’s wholly-owned subsidiary, ShiftPixy Investments, Inc., Industrial Human Capital is a SPAC (special purpose acquisition company).
