Vinco Ventures Inc. (NASDAQ: BBIG) stock gained by 15.06% at last close whereas the BBIG stock price declines by 3.21% in the after-hours trading session. Vinco Ventures, Inc. is a digital media and content technology focused selective acquisitions firm. Vinco’s B.I.G. (Buy. Innovate. Grow.) Strategy focuses on acquiring businesses that are ready to expand and will be BIG.
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Recent Past Development
Emmersive Entertainment, which was previously highlighted on 60 Minutes Plus, will be spun off into its own publicly-traded company, according to Vinco Ventures. During the third quarter of this year, the deal is expected to take place.
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The resultant Emmersive Entertainment Public Company will be managed by existing Vinco Ventures Chief Strategy Officer Brian McFadden, according to BBIG.
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McFadden said,
It’s great to have the chance to continue to develop this technology. He is grateful for the Board’s confidence in my ability to continue running and expanding this unique company. Emmersive’s technology and capabilities will be fully realized, offering Vinco Ventures stockholders with the extra advantage of the equity in a second public company, which is, in his opinion, the icing on the cake of the entire merger with ZASH.
BBIG intends to complete this transaction in Q3 2021 and will soon disclose the Shareholder of Record Effective Date, which will provide all Vinco Venture Shareholders an ownership interest in the resultant company as of the Record Effective Date. Additionally, the firms will maintain their previously announced cooperation, allowing them to take use of their present traffic and technology.
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Vinco CEO Christopher Ferguson commented,
This is a fantastic opportunity for stockholders who were on the books on the effective date. Emmersive’s technology is, industry-changing, and they decided that the best approach to guarantee that shareholders got that value was to divide the two businesses and give them the classic “two bites of the apple.” They’re excited to see what Brian and his team can create, and they have complete faith in their ability to deliver.