Shares of Vinco Ventures (NASDAQ:BBIG) stock are in full focus following news that the company had appointed a new CEO and CFO. Vinco’s board appointed James Robertson as the new CEO and president, while Chris Polimeni was appointed the new CFO and COO, effective immediately.
“The Board’s unanimous approval of James and Chris underscores our commitment to moving forward and developing sound strategies and opportunities to generate new and innovative revenue streams for the Company,” said Executive Chairman Rod Vanderbilt.
Robertson previously worked at a360media as the Editor-in-Chief of Us Weekly. He was in charge of all content across the company’s multimedia platforms and was also involved with marketing and advertising efforts to generate revenue. He’s also recognized as the youngest tabloid Editor-in-Chief at OK! Magazine.
BBIG Stock: Vinco Appoints New C-Suite Executives
Like Robertson, Polimeni has ties to a360media as well. He previously worked at its parent company, Accelerate360 Holdings, as the executive vice president – CFO/COO. In addition, Polimeni has over 30 years of experience in corporate finance and management, acquisitions, and U.S. Securities and Exchange Commission (SEC) reporting.
The two new executives will get right to work as they look to move Vinco into its next phase of growth.
Meanwhile, Vinco’s annual meeting of stockholders on April 27 is just a week away. During the meeting, the shareholder votes for 12 proposals will be announced. The record date was set to March 16, which means that anyone buying shares today will not be eligible to cast votes.
Proposal number one seeks approval to increase authorized common stock to 750 million shares from 290 million shares. The next proposal involves increasing authorized preferred stock to 5 million from 1 million. These increased shares would open the door for proposal number three, which seeks to enact a reverse stock split in a ratio between 1-for-2 and 1-for-20.
Moving on, proposals four through six involve gaining approval for the issuance of common stock through the conversion of Series A and B preferred BBIG stock and the approval of the issuance of shares “under our proposed PIPE financing transaction.” Proposal number seven seeks approval for the acquisition of a360media’s assets and any changes in control.
The last five proposals involve the frequency of an advisory vote, executive compensation, the reelection of five directors, and the ratification of Marcum, LLP as Vinco’s accounting firm.
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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.
