ShiftPixy Applies to Dual List on Upstream to Tap Into Global Audience Who Can Invest Using Digital Currency & Traditional Payments
By Fernanda De La Torre
Upstream made history last week! ShiftPixy (NASDAQ: PIXY), the Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, announced that it has begun the application process to dual list its shares on Upstream. The day after the announcement, ShiftPixy‘s trading volume was $418 million dollars and its share price increased by 176%.¹
Upstream allows a global audience to invest using US dollars, as well as the USDC stablecoin, to buy traditional listed securities using its app. ShiftPixy shares on Upstream will trade as tokenized stock in parallel with their traditional shares on NASDAQ. This Upstream dual listing service bridges the regulated-digital and the regulated-traditional securities’ worlds.
Approval to be listed on Upstream is subject to acceptance by MERJ. However, as an existing NASDAQ issuer, the listing standards to which ShiftPixy adheres are sufficient to comply with MERJ Listing Rules, including but not limited to disclosure, filing and notification requirements.
Following the dual listing of its common stock on Upstream, in October 2022 ShiftPixy intends to raise capital for its subsidiary ShiftPixy Labs, Inc. via an initial public offering (IPO) on Upstream, for non-U.S. investors and a potential listing on NASDAQ; another Upstream securities-bridge, this time for IPOs.
Dual listing on Upstream
A dual listing is when a company lists its stocks on two or more different stock exchanges.
Companies look to dual list for many reasons including increased liquidity potential, increased access to capital, and longer trading periods when exchanges operate in different time zones.
Dual listing on Upstream offers these same benefits while giving the unique ability for investors to trade using cryptocurrency in the form of USDC stablecoin, along with credit, debit, PayPal, and traditional bank payments. This modernization of payment methods gives issuers access to a global, digital-first investor base and gives international investors access to traditional U.S. equities.
As a MERJ Exchange market and the first national exchange to be powered by a blockchain, Upstream also actively prevents short selling , and its public order book transparently displays all bids and offers. Trading-pairs are quoted, traded, and immediately settled exclusively against the exchanges’ US dollar stablecoin, which is backed 1-for-1 with users’ deposits of fiat currency. And, notably, Upstream does not sell its client order flow.
Developed in consultation with a team of Wall Street pioneers and proven software engineers, Upstream offers in-app onboarding and compliance integrations to give international investors frictionless access to U.S. equities. Upstream supports the future of global trading that forward-thinking issuers are after, bringing them into the digital age with a real-time trading app that harnesses the efficiency and transparency of blockchain with the investor protections and user-friendliness of a traditional equity market.
Benefits of dual listing on Upstream
- Tap Into The Crypto Community- Upstream offers investors a streamlined USDC stablecoin off-ramp back to popular cryptocurrency exchange platforms and features a public orderbook with transparency, no short selling, and no wash trading; enforced by Ethereum smart contract technology.
- Streamlined Reporting- Upstream allows issuers to utilize SEC or OTCQX filings to satisfy Upstream reporting requirements.
- Solves For Deposit & Trading Issues- Upstream has U.S. transfer agent deposit and legend lift methodology in place to address common OTC/microcap share deposit and custody problems that can lead to illiquid holdings.
- International USD accounts- All Upstream user accounts, U.S. and non-U.S., are FDIC-insured up to $250,000. Issuers’ U.S. shareholders also enjoy a US dollar fiat ACH off-ramp back to any U.S. bank when they sell shares. International investors US dollar off-ramp is via bank wire.
- Low Fee Structure- Upstream features all the perks of a regulated national securities exchange, but with competitive listing fees and next generation blockchain trading features including instant settlement.
- Digital Solutions On Next Gen. App- Streamlined shareholder management using Upstream’s in-app cap. table solutions with compliant onboarding integrations, and streamlined share deposit from U.S. transfer agents, along with automated market making, in-app voting, in-app advertising, and other investor disclosure and communication tools.
- Web3 Community Building- Upstream offers a streamlined bridge into Web3 to expand your digital-first community. Upstream also supports NFT minting and trading to promote fan engagement and offer digital collectibles to users.
Upstream is actively accepting dual-listing applications from NASDAQ, NYSE, and OTC Markets issuers currently trading on U.S. markets and Alternative Trading Systems (ATSs) that are seeking to offer their shares to a modern-day investor pool.
*NFTs received have no economic value, royalties, equity ownership, or dividends. NFTs are for utility, collection, and display only.
*U.S. investors are not permitted to trade in upstream listed securities. U.S. and Canadian citizens will only be able to trade in security they currently own that has been listed on Upstream for liquidation only.