The turbulence that has surrounded Vinco Ventures (NASDAQ:BBIG) continues today as several new developments have investors struggling to keep up while shares fall. Investment communities have been eagerly awaiting news of the Cryptyde spinoff, which initially had a dividend record date for last week. The spinoff dividend’s launch date has been pushed back further but that’s not the only big change that should have BBIG stock fans on their toes. The company is about to have new executives, and it may even have a new name.
What’s Going On With BBIG Stock
Vinco investors have gotten used to volatility.
Shares are down again more than 13% on Wednesday after gaining 70% last week, but at least this time we know why. Today has brought a lot of news that tells us two things — that big changes with the company are afoot and that the uncertainty with which BBIG stock has become synonymous isn’t likely to stop anytime soon as one highly anticipated catalyst has been pushed back to December.
What exactly is happening that has shares falling? Let’s unpack it all.
A Lot Going On With Vinco
Yesterday saw Vinco file an 8-K form with the U.S. Securities and Exchange Commission to change the record date for the Cryptyde spinoff dividend. Vinco had previously pushed the record date from Oct. 15 to Oct. 22. The latest filing explains that the company is changing how it is registering for such a dividend. As a result, Vinco anticipates that the new record date will be on or around Dec. 27.
According to a statement issued by the company, the reasoning behind this further delay is to “allow for the spin off to be a tax free exchange” and for all shares to be “free trading at the time of dividend.” The company believes that this will be in the best interest of all current shareholders as it will ideally serve to create maximum value for them.
Investors also received confirmation yesterday that Cryptyde will have some new leadership. Brett Vroman, the former CFO of Vinco, will be stepping into the same role for Cryptyde. His current position will be filled by Philip Jones. This comes as Vinco makes a shift in its organization — its name will change to ZASH, which will represent all of the subsidiary companies.
As part of this, Vinco’s former CEO Christopher Ferguson will serve as senior strategic advisor for ZASH. Lisa King will step into the CEO role, after a shareholder vote on Oct. 14. These changes will go into effect between the final week of October and first week of November, with Ferguson officially stepping down on Oct. 25.
The company also filed with the SEC yesterday to change its corporate address from its previous one in Bethlehem, Pennsylvania to a new one in Fairport, New York.
What Comes Next?
While BBIG stock struggles today, other companies in the crypto space are enjoying a day of gains. Coinbase (NASDAQ:COIN) has seen some turbulence this season but is currently up 3%. Riot Blockchain (NASDAQ:RIOT) is doing even better, up almost 4%.
As has often been the case when discussing Vinco Ventures, we don’t know for sure what the immediate future will look like. While the company seems to be planning strategically for Cryptyde’s launch, the uncertainty surrounding it remains strong, and investors may be bracing for further delays.
However, Cryptyde remains a venture with considerable potential. All we can do is keep watching for further developments as the next catalyst nears.
On the date of publication, Samuel O’Brient 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.