ShiftPixy, Inc. (NasdaqCM:PIXY) announced plans to transfer the Virtual Brand development pipeline and technology stack of ShiftPixy Labs to a wholly-owned subsidiary, ShiftPixy Labs, which will then be dividended to ShiftPixy shareholders, using a record date of September 8. The spin-off transaction will be subject to various conditions, including the company's ability at the time of distribution to comply with applicable Wyoming law, and ShiftPixy Lab's meeting the qualifications for future listing on the Blockchain-powered Securities Exchange Upstream, and if successful, would eventually result in two standalone public companies. Management's intention is to publicly list ShiftPixy Labs via an initial public offering on both Nasdaq and Upstream during October.