Shares of Vinco Ventures (NASDAQ:BBIG) are in focus after the Nasdaq announced it had accepted the company’s remediation plan to file on time all of the required periodic reports with the Securities and Exchange Commission (SEC). The plan for BBIG stock was filed on Oct. 17, the official deadline, and was in “regard to the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2022.”
CEO Ross Miller added:
“The quick acceptance from Nasdaq of our remediation plan that was submitted on October 17th is key to our progress as we diligently work through Vinco’s financials and quarterly filing. There is sufficient time for us to meet the deadlines set forth in our remediation plan, and I could not be more pleased with the team assembled at Vinco working on the path forward.”
Dear BBIG Stock Fans, Mark Your Calendars for Jan. 31
Now, Vinco will have until Jan. 31 of 2023 to regain compliance with the exchange. Interim CFO Brendan Bosack, who has over 20 years of financial experience, will help guide the filing of the quarterly report. Bosack is confident the deadline will be enough time for Vinco to complete the report.
Following internal management drama that was settled in court, former CEO John Colucci and former CFO Philip Jones resigned and cut all ties from the company. That led to Miller taking on the role of CEO, who has promised a focus on transparency and creating value for shareholders.
Meanwhile, Gabe Hunterton was appointed President, while Lisa King and Rod Vanderbilt will continue to serve as directors. The settlement lifted a huge overhang off the company and will allow management to focus on core business initiatives, such as video-sharing app Lomotif.
Lomotif has received more than 225 million installations across the globe. Investors may get a chance to view key statistics of the app, such as daily and monthly active users, once Vinco files its quarterly report.
Earlier this month, the platform launched the beta version of Lomotif ads, which will support programmatic and automatic advertising. The “end goal” of the beta test is to eventually allow creators to receive a share of advertising revenue, which could further attract more creators.
Lomotif has also integrated Alphabet’s Google (NASDAQ:GOOG, NASDAQ:GOOGL) ads on the app, which will help it support even more ads. Brands that have already initiated ads on Lomotif include Starbucks (NASDAQ:SBUX) and Verizon (NYSE:VZ).
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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.