Vinco Ventures (NASDAQ:BBIG) is trending up this morning after announcing a new distribution date for its Cryptyde spinoff. BBIG stock is up nearly 5% at the time of writing as shareholders await the June 29 dividend date.
Vinco announced today that its board of directors approved June 29 as the official distribution date for Cryptyde stock. On this date, Cryptyde shares will be distributed to Vinco shareholders as part of the separation of the two companies into independent, publicly traded businesses. On June 29, qualified BBIG stockholders will receive one share of Cryptyde common stock for every ten shares of Vinco Ventures held.
Today’s news surely comes as a breath of fresh air for BBIG stock owners, who previously expected the dividend to hit May 27. It was announced late in May that the company was delaying the dividend distribution for which it has now named the new date.
BBIG Stock Climbs Ahead of Dividend Distribution
After the split, Cryptyde will trade on the Nasdaq exchange under the TYDEV ticker. Meanwhile, Vinco will still be traded under the BBIG ticker.
Since May 18, the record date of the deal, Vinco investors have likely been eager for an update on the dividend. Since that date, new owners of BBIG stock are no longer qualified to receive the Cryptyde dividend. Those who purchased a qualifying amount of Vinco prior to the record date are eligible.
BBIG stock has had something of a rollercoaster year so far. Since announcing its Cryptyde dividend, the stock has seen steep peaks matched by spontaneous selling streaks. From its January high of $5.19 per share, today BBIG is trading for about $2.20.
Cryptyde is essentially an extension of Vinco’s blank-check aspirations. It’s a selective acquisitions company, focused exclusively on crypto and related technologies. The project already consists of several digital projects in the space, including augmented reality endeavors and non-fungible token (NFT) minting. Whether the project reaps the returns investors are surely hoping for remains to be seen.
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On the date of publication, Shrey Dua did not hold (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.