- The stock price of Vinco Ventures Inc (NASDAQ: BBIG) is trading at over 40% pre-market. This is why it happened.
The stock price of Vinco Ventures Inc (NASDAQ: BBIG) is trading at over 40% pre-market as of 8:40 AM ET. Investors are responding to acquisition news.
ZASH Global Media and Entertainment Corporation, an entertainment company led by co-founders Ted Farnsworth (financier and former MoviePass Chairman), Jaeson Ma (early TikTok investor), and Vincent Butta (early Triller visionary and board member), announced it has entered into a definitive agreement to buy a majority controlling interest in Lomotif Private Limited, which is a Singapore-based top video-sharing social networking platform. The closing of the Lomotif acquisition by ZASH is scheduled to occur concurrently with the closing of ZASH’s merger and business combination with Vinco Ventures, which was previously announced in a joint press release last month. The closing of the Lomotif acquisition is subject to certain customary conditions to closing as described in the definitive acquisition agreement.
Upon completion of the merger between ZASH and Vinco, ZASH is going to become a public company and controlling shareholder of Vinco, making Lomotif one of the top global pure play video-sharing social networking platforms to be owned by a US publicly traded company, competing against TikTok and Kauisho in the space.
ZASH believes that Lomotif is one of the fastest-growing video-sharing social networking platforms in its category over the last 3 years and in Asia, Europe, and South America, Lomotif has increased its average monthly community by over 400% in this time span. Historically over 10 billion atomic clips (User Generated Content (UGC)) have been used to create over 740+ million videos on the platform since its launch.
The following additional data further shows the Lomotif platform’s reach:
– 10+ billion Lomotif video atomic clips
– 740+ million video super-clips created to date
– 225+ million installations globally (in 200+ countries in 300+ languages)
– 210+ million lifetime community
– 160+ million total lifetime viewers (iOS/Android)
– 120+ million total lifetime creators
– 300+ million videos watched on the platform per month
– 90+ minutes of engagement on average with core users
Lomotif founder and CEO Paul Yang will continue to lead Lomotif upon completion of the acquisition.
“With the partnerships ZASH has in place and has planned. We’re a natural fit. As an emerging player in user generated video creation, we are excited to be part of ZASH’s overall content and distribution plans and strategies and are looking forward to accelerating growth and adoption of Lomotif worldwide.”
– Lomotif founder and CEO Paul Yang
“Lomotif is the key piece of the ZASH strategy to merge the best-in-class media, entertainment and content-focused technology companies globally. The platform is fun and engaging and its features are unique and innovative. We look forward to expanding the platform in the US market and around the rest of the world.”
— Ted Farnsworth
“Having had experience building another video-sharing social networking platform, it became quickly apparent that Lomotif’s patented technology for mixing and video editing is second to none. ZASH will focus Lomotif on an advertising model going forward, as well as other means of monetization over the next several months.“
— Vince Butta
“Lomotif is a global platform with tremendous following in Asia and Latin America and together with ZASH, it will replicate that success in the US and other markets. In today’s world of mass consumption of short-form content, we see Lomotif’s addition to the ZASH family as an incredible opportunity to leverage our content in all formats and broaden our distribution platform worldwide.”
— Jaeson Ma
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.