Vinco Ventures (NASDAQ:BBIG) is gearing up for a merger that will set it up as a rival to TikTok and shares of BBIG stock are dipping lower on Tuesday.
Here’s everything potential investors need to know about the company and its upcoming merger plans.
- Starting off, Vinco Ventures is a “mergers and acquisition company focused on digital commerce and consumer brands.”
- The company announced earlier this year that it plans to merge with ZASH Global Media and Entertainment.
- This will have ZASH becoming a publicly-traded company as the majority shareholder of BBIG stock.
- Adding to this is news today that ZASH plans to acquire a majority stake in Lomotif.
- Lomotif is a TikTok rival based out of Singapore.
- The social media sharing service has a focus on videos with more than 10 billion user-generated clips.
- Its total installs surpass 225 million across the world and the app is available in more than 200 countries and 300 languages.
- The co-founders of ZASH behind this deal are former MoviePass chairman Ted Farnsworth, early Musical.ly, now under the name TikTok, investor Jaeson Ma, and Triller Board Member Vincent Butta.
- The merger between Vinco Ventures and ZASH, as well as ZASH acquiring Lomotif, is set to take place at the same time.
- When the merger between Vinco Ventures and ZASH closes, this will have Lomotif owned by a public company in the U.S.
BBIG stock was down 7.5% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.