Editor’s note: This article was updated on Sept. 17 to correct the purpose of the Sept. 15 record date and clarify the proposed spinoff timeline.
Meme stock investors, NFT (non-fungible token) bulls and crypto fanatics all have one stock they can converge on this week, and that’s Vinco Ventures (NASDAQ:BBIG). The digital media play has made itself the muse of all three types of investor this year with its high short interest and its ventures into the DeFi market. Soon, it could be swimming into deeper crypto waters. Tomorrow presents an important date for BBIG stock, and investors might want to treat today’s losses as a discount.
Vinco Ventures is a typical digital media company. It first came into short squeeze-focused meme investor circles thanks to its high short interest. As it stands right now, 34% of the company’s float is short, and Fintel ranks it as one of the top five short squeeze stocks investors can buy right now.
Back in April, though, BBIG stock became a solid play for NFT fanatics. The company decided to foray into the world of tokenized, non-fungible assets with its “E-NFTs.” The project taps not only into NFTs but also into pop culture and augmented reality, allowing investors to project three-dimensional NFTs in their living rooms.
BBIG Stock Is Stuck in a Rut Today, But Stands to Gain Tomorrow
This afternoon, BBIG stock is nursing some wounds. The value of the stock is dipping over 13%, and trading volume is high over the average, suggesting a selloff. More than 57 million shares of BBIG are trading against a daily average of 41 million. However, with a key date coming tomorrow, shareholders might want to wait before dumping off their BBIG.
Vinco has been teasing a crypto company, which it’s calling Cryptyde. And tomorrow is a big day if investors want to become a part of the company’s history. According to the company, Cryptyde will be a “selective acquisitions company”; it will acquire what it deems to be ground-breaking technology in the blockchain space.
A slideshow presentation from Vinco Ventures showcases the plan, ultimately seeing Cryptyde bud from BBIG into its own publicly traded company. It will list under the ticker symbol “TYDE.” Furthermore, it will go public through a dividend spinoff. If investors want to vote on the Cryptyde spinoff, they must be shareholders of BBIG stock by tomorrow, Sept. 15.
After the proxy record date tomorrow, and if the spinoff ultimately gets approval, investors can expect to receive their shares of TYDE shortly after Oct. 15. The record date to receive TYDE shares is Oct. 15.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
