Vinco Ventures, Inc. Announces Reverse Split
May 10 2023 - 12:50PM
Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or
the “Company”), a digital media and content technologies company,
announced that on May 4, 2023 it filed a Certificate of Change with
the State of Nevada for a 1-for-20 reverse split of its issued and
outstanding shares of common stock. This reverse split was approved
by its Board of Directors, and the shares of its common stock will
begin trading on a split-adjusted basis at the commencement of
trading tomorrow, May 11, 2023. The common stock shares will
trade on the Nasdaq Capital Market under the same symbol "BBIG"
with a new CUSIP number, 927330 209.
"We wish to thank our investors for their
continued support as we work to refocus Vinco's operations.
The approval of the reverse split under the Company's plan to
maintain its Nasdaq listing, together with our ongoing
refocusing efforts, better positions us to realize the great
potential we see ahead," stated James Robertson, Chief Executive
Officer.
As per the results of the Company's annual
meeting, the Board of Directors approved a 1-for-20 reverse stock
split of the Company's issued and outstanding shares of common
stock, par value $0.001 per share. Every 20 shares of the
Company's issued and outstanding common stock will automatically
convert into one share of common stock without any change to the
par value of $0.001 per share. The amount of common stock
outstanding will be reduced from approximately 260 million shares
to approximately 13 million shares. Proportional adjustments will
be made to the number of shares of common stock issuable upon
exercise of the Company's outstanding stock options and warrants,
as well as the applicable exercise price.
The Company expects that the reverse stock
split, which was approved by shareholders at its shareholder
meeting on April 27, 2023, will increase the market price per share
of the Company's common stock, bringing the Company into compliance
with The Nasdaq Capital Market's $1.00 minimum bid price
requirement.
Registered stockholders holding pre-split shares
of the Company's common stock are not required to take any action
to receive post-split shares. Stockholders owning shares via a
broker, bank, trust or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, and will
not be required to take any action in connection with the reverse
stock split.
No fractional shares will be issued in
connection with the reverse stock split. Any fractional shares
created as a result of the reverse stock split will be rounded up
to the nearest whole share for each stockholder. The reverse stock
split impacts all holders of Vinco's common stock proportionally
and will not impact any shareholders' percentage ownership of
common stock (except as to rounding up changes).
Additional information regarding the reverse
stock split is available on the Form 8-K filed May3, 2023, as well
as in the Company's definitive proxy statement (Form DEF 14A) filed
with the United States Securities and Exchange Commission on March
31, 2023. Any additional questions can be directed to the Company's
transfer agent, Nevada Agency and Transfer Company, at 775-322-0626
or www.natco.com.
About Vinco Ventures
Vinco Ventures (Nasdaq: BBIG) is focused on the
development of digital media and content technologies. Vinco
Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint
venture of Vinco Ventures and ZASH Global Media and Entertainment
Corporation, has an 80% ownership interest in Lomotif Private
Limited. Vinco Ventures owns a 100% ownership interest in AdRizer,
LLC.
For more information, please
visit investors@vincoventures.com.
Forward-Looking Statements and
Disclaimers
This press release contains “forward-looking
statements” as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995, which are based
upon beliefs of, and information currently available to, Vinco
Ventures’ management as well as estimates and assumptions made by
Vinco Ventures’ management. These statements can be identified by
the fact that they do not relate strictly to historic or current
facts. When used in this presentation the words “estimate,”
“expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,”
and other words or the negative of these terms and similar
expressions as they relate to the applicable company or its
management identify forward-looking statements. Such statements
reflect the current view of Vinco Ventures with respect to future
events and are subject to risks, uncertainties, assumptions and
other factors relating to Vinco Ventures and its subsidiaries and
consolidated variable interest entities including Lomotif, their
industry, financial condition, operations and results of
operations. Such factors include, but are not limited to, the
expected risks and benefits from the proposed increase in Vinco
Ventures’ authorized shares as described in our proxy statement,
Vinco Ventures’ investments in ZVV Media Partners, LLC, Lomotif
Private Limited, PZAJ Holdings, LLC and related growth initiatives
and strategies such as the blended media, cross-platform
distribution strategy, the expected benefits of Lomotif’s
participation in and sponsorship of live entertainment events, the
expected benefits from acquisition of AdRizer and planned
integration of the AdRizer technology with Lomotif and Honey Badger
and synergies between AdRizer, Lomotif and Honey Badger, the
regulatory risks with the NFT and blockchain business lines and
such other risks and uncertainties described more fully in
documents filed by Vinco Ventures and Cryptyde with or furnished to
the Securities and Exchange Commission, including the risk factors
discussed in Vinco Ventures’ Annual Report on Form 10-K for the
period ended December 31, 2021 filed on April 15, 2022 which is
available at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, expected, intended, or planned.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to
conform these statements to actual results.
For further information, please contact:
Investor Contactinvestors@vincoventures.com
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