Stock Alert: ShiftPixy Doubles, To Help Restaurants During COVID-19 Crisis

(RTTNews) - Shares of ShiftPixy, Inc. (PIXY) more than doubled on Wednesday morning. The company announced initiative to help restaurants build digital life boats with paycheck protection program.

PIXY is currently trading at $10.34, up $5.34 or 106.80%, on the Nasdaq. The nano-cap company's stock has traded between $3.21 and $27.50 for the year-to-date period.

California-based ShiftPixy announced its decision to leverage the new Paycheck Protection Program (PPP) small business loans.

Restaurants across the country have been forced to furlough or lay off most of their employees in addition to closing their dining rooms, due to the ongoing pandemic.

"Despite these difficult, unprecedented times, the PPP loan program offers a glimmer of hope for restaurants as these funds can offer operators the chance to rebuild their business even while their dining rooms are closed, by repurposing their dining staff as delivery drivers," said Scott Absher, CEO and Co-founder of ShiftPixy.