- The stock price of Vinco Ventures Inc (NASDAQ: BBIG) fell by over 10% during intraday trading today. This is why it happened.
The stock price of Vinco Ventures Inc (NASDAQ: BBIG) fell by over 10% during intraday trading today. Investors are responding negatively to the company making several management changes.
Here are the highlights from the changes:
— The Vinco Venture board is changing the name of Vinco Ventures to ZASH. And ZASH will represent all of the companies moving forward.
— Christopher Ferguson, the former CEO of Vinco Ventures, has agreed to a three-year deal to serve as a senior strategic advisor with parent company ZASH
— Brett Vroman, the former CFO of Vinco Ventures, has been appointed CFO of Cryptyde, a wholly-owned subsidiary of Vinco Ventures
— The movement of the record date for the spin-off of Cryptyde, a wholly-owned subsidiary of Vinco Ventures, is intended to allow for the spin-off to be a tax-free exchange and all dividend shares will be free trading at the time of dividend — which the company believes will create the greatest shareholder value for current Vinco shareholders
— All former Officers and Directors of Vinco Ventures remain as part of the executive and management leadership team of Cryptyde within the ZASH family of companies and ecosystem
— Lisa King was voted in as CEO of Vinco Ventures with over 62% of votes collected on October 14th. And King will oversee all facets of all companies within the ZASH ecosystem on a day to day operational role
— Steve Garrows was also voted in as President and COO of Vinco Ventures on October 14th and will report directly to Lisa King on all operations in the ZASH ecosystem.
ZASH had recently completed the acquisition of Lomotif through a joint venture between ZASH and Vinco Ventures, known as ZVV Media Partners, LLC. And upon closing of the merger between ZASH and Vinco, ZASH will be a public company and controlling shareholder of Vinco, making Lomotif one of the top pure play video-sharing social networking platforms to be owned by a U.S. publicly-traded company, competing with TikTok and Kuaishou in the space.
And Lomotif is one of the fastest-growing video-sharing social networking platforms in its category over the last 3 years with 225+ million installations of the Lomotif app globally in over 200 countries in 300+ languages. More than 300 million videos are watched on the platform per month and over 10 billion atomic clips (User Generated Content (UGC)) have been used to create more than 750 million videos on the platform since its launch.
“Working closely with Lisa over the last several months, I have grown to gain a great deal of respect for her acute ability and admire her executive leadership skills that she displays within the company. I personally feel the Vinco Ventures shareholders could not be in better hands than with Lisa King at the helm of Vinco Ventures. We’re happy to have mapped out over the last several months seamless transitions that align executive talent with roles designed to drive each individual business forward and expand revenue streams through all the ZASH companies.”
- Christopher Ferguson
“It really is amazing looking back over the last several months at how fast and quick we have grown ZASH into one of the most respected and disruptive media and entertainment companies in the world. It is very rare to see in any type of business transaction in the world today with a management team from both companies get along so well that they continue on the path and the journey together. This path forward now, with all the new management aligned within the ZASH ecosystem, and having the privilege to own Lomotif, one of the top 10 competitors to TikTok, and with the newly binding LOI with Adrizer, the advertising platform, as well as the AdRizer social media accelerator platform, I honestly believe the sky is the limit.”
- ZASH Chairman and Co-Founder Ted Farnsworth.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.