ShiftPixy (Nasdaq: PIXY), a struggling restaurant staffing firm in Irvine, said it’s moving corporate headquarters to Miami.
“We are excited to begin the company’s next growth chapter in the thriving city of Miami,” CEO Scott Absher said in a statement. “Establishing our new headquarters in one of the East Coast’s largest cities will provide the perfect foothold from which to launch our expansion to cities up and down the Eastern Seaboard.”
The company said “the location was selected due to the Miami area’s rich and diverse food culture.”
Shares in ShiftPixy fell 12% to $3.40 apiece for a market cap of $56.5 million. The shares have dropped about 60% since the beginning of the year, following a 1:40 reverse stock split in mid-December.
A reverse stock split involves a company reducing the total number of its outstanding shares in the open market, and often signals a company in distress.
