Dear BBIG Stock Fans, Mark Your Calendars for April 27

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  • Vinco Ventures (BBIG) will hold its annual meeting of stockholders on April 27.
  • The company released a shareholder letter ahead of the meeting, highlighting its “Value-Enhancing Strategy.”
  • BBIG stock is down by more than 45% year to date.
BBIG stock - Dear BBIG Stock Fans, Mark Your Calendars for April 27

Source: shutterstock.com / Postmodern Studio

Shareholders of Vinco Ventures (NASDAQ:BBIG) stock should mark their calendars for April 27, as that is the day that Vinco will hold its annual meeting of stockholders. Anyone buying shares today will not be eligible to cast a vote, as the date of record for the meeting has been set to March 16.

Shareholders of record will be able to cast a vote for 12 proposals, including an increase in authorized common stock to 750 million from 249 million and a reverse stock split in a ratio between 1-for-2 and 1-for-20. Vinco’s board has recommended shareholders approve all 12 proposals.

The meeting will follow the appointment of two new executives. James Robertson was appointed as CEO and president, while Chris Polimeni was appointed as CFO and COO. Both executives have connections to a360 Media. Earlier this year, VVIP Ventures, a joint venture between Vinco and ICON Publishing, entered into an asset purchase agreement for the National Enquirer, the National Examiner and Globe from a360.

Meanwhile, Vinco released a letter to shareholders this morning. Let’s get into the details.

BBIG Stock: Vinco to Hold Annual Meeting on April 27

The letter, penned by Vinco’s board, again urged shareholders to approve all 12 proposals. The company also released the details to its five key pillars of value creation. The first pillar seeks to leverage the National Enquirer’s celebrity content into “exciting and highly sought-after multimedia formats,” which will include television shows, podcasts, documentaries and more. Pillar two looks to generate revenue through subscription services from the recent acquisition.

The next pillar details Vinco’s plan to discover intellectual property and licensing opportunities, while pillar number four seeks to leverage content collaborations.

“Vinco intends to integrate and promote the Company’s social media platform, Lomotif, and the Company’s tech-education platform, Magnifi U, across the online and print publishing group’s pages, as well as harmoniously publishing original content with the MindTank and AdRizer networks,” explained the company. Finally, pillar number five has a goal of enacting further acquisitions that will add synergy to the company’s current assets.

The letter also dived into the implications of a reverse split. A 1-for-20 split would lift BBIG to the $5 price range, while a 1-for-10 split would put it near $2.60. A 1-for-10 split would reduce common stock issued and outstanding to 24.89 million, while a 1-for-20 split would take the number down to 12.44 million.

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. 


Article printed from InvestorPlace Media, https://investorplace.com/2023/04/dear-bbig-stock-fans-mark-your-calendars-for-april-27/.

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