Shares of Vinco Ventures (NASDAQ:BBIG) are in full focus after a legal settlement was reached concerning the company’s management hierarchy. BBIG stock has been at the center of attention since July, when the Farnsworth Group attempted a hostile takeover of Vinco. On July 14, former CEO Lisa King authorized a Form 8-K that incorrectly stated Ted Farnsworth was appointed as co-CEO. When Vinco attempted to file a corrected 8-K, the Farnsworth Group blocked it.
Then, on July 24, Vinco announced it had terminated the positions of the Farnsworth Group and appointed John Colucci as interim CEO. The company attempted to file an 8-K to disclose the information, but it was again blocked by the Farnsworth Group.
Now, it appears the company’s management issues have been resolved. As part of the settlement agreement, Ross Miller will assume the position of CEO. Meanwhile, both Lisa King and Rod Vanderbilt will remain on the board, while Brian Hart and Jesse Law will become new members.
Hart and Law will replace the board positions of Colucci, Michael Distasio and Elliot Goldstein, while the remaining vacant board seat has yet to filled. On top of that, former co-CEO Colucci and former CFO Philip Jones will cut all ties with Vinco.
Miller added:
“With the settlement agreement, and litigation behind us, Vinco’s leadership team is aggressively working together towards the completion of our quarterly filings as well as working closely with the Zash and ZVV management teams to work towards completion of the combination of these companies as soon as possible.”
With management issues seemingly resolved, let’s take a look at the investors betting big on BBIG stock.
5 Investors Betting Big on BBIG Now
Tracking institutional ownership is important, as these large investors provide liquidity and price support for stocks. During the second quarter, 88 filers reported owning BBIG, an increase of two funds from the prior quarter.
Meanwhile, the institutional put/call ratio sits at a low 0.19. This means funds own more call options against the company than put options by a wide margin. So, who are BBIG’s five largest shareholders?
- Five Narrow Lane: 33.15 million shares. Five Narrow Lane purchased all of its shares during the second quarter.
- BlackRock (NYSE:BLK): 12.02 million shares. BlackRock purchased 7.97 million shares during Q2.
- Vanguard: 8.8 million shares. Vanguard purchased 688,027 shares during Q2.
- Hudson Bay Capital Management: 3.19 million shares. Hudson Bay purchased its entire stake during Q2.
- State Street (NYSE:STT): 3.13 million shares. State Street purchased 2.16 million shares during Q2.
On the date of publication, Eddie Pan 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.
