Vinco Ventures (NASDAQ:BBIG) stock has been at the center of attention following a letter to the company’s board from former ZASH CEO Erik Finman. Penned on Dec. 6, the letter requests the removal of Ross Miller as CEO and Gabe Hunterton as President within 72 hours. The letter noted that a failure to remove the two executives would result in Finman taking action himself.
In the letter, the “youngest bitcoin millionaire” explains that he has the “necessary 67% shareholder vote threshold” to remove the two executives from their positions and appoint himself as CEO or co-CEO of Vinco. Finman believes that Miller and Hunterton have proved detrimental to the company while collecting a combined $115,000 per month. Vinco’s current problems include a Nasdaq deficiency notice, a lack of recent quarterly reports and a failure to merge with the remaining 40% of short-video platform Lomotif.
On the same day that Finman posted his letter, Vinco issued a cease-and-desist letter. The letter alleges that Finman’s “false and misleading statements” have caused damage to Vinco and its employees. Furthermore, the letter stipulates that Finman must issue a public retraction of his previous statements by Dec. 9. The company warned that failure to do so could result in a defamation lawsuit as well as a reference to the U.S. Securities and Exchange Commission ( ).
Since the cease-and-desist letter, Finman’s Twitter account has gone dark, with his last tweet being sent out on Dec. 6. Tomorrow will be the last day for Finman to issue a public retraction under the terms of the cease-and-desist letter.
5 Investors Betting Big on BBIG Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the third quarter, 89 13F filers reported owning BBIG stock, an increase of one filer from the previous quarter. Meanwhile, the institutional put/call ratio sits at a low .09, down from 0.19. That’s equivalent to 2.43 million puts and 26.12 million calls, implying a bullish options stance.
With that in mind, let’s take a look at Vinco’s largest shareholders. Please note that this list only includes investors who filed a Q3 position update. For example, Five Narrow Lane owns 33.14 million shares of BBIG stock, but that figure is only accurate as of Q2 2022.
- BlackRock (NYSE:BLK): 13.97 million shares. BlackRock purchased 1.95 million shares during Q3.
- Vanguard: 9.05 million shares. Vanguard purchased 254,044 shares during Q3.
- State Street (NYSE:STT): 4.03 million shares. State Street purchased 898,913 shares during Q3.
- Geode Capital Management: 3.8 million shares. Geode purchased 876,034 shares during Q3.
- BHP Capital: 2.51 million shares. BHP purchased its entire stake during Q3.
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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.