![]() ![]() Pillars four and five involve increasing content collaborations, such as with its social media platform Lomotif, and pursuing other content outside of its planned acquisition. Vinco also plans on creating more subscription services on top of existing subscription services and to explore potential intellectual property and licensing opportunities. Pillars one through three involve using its planned acquisitions to create more content, in the form of TV shows, podcasts, documentaries and more. ![]() To do this, Vinco has created five key pillars for value creation. Vinco seeks to use its planned acquisition of the National Enquirer, the National Examiner and Globe to assist with this plan. With one Nasdaq requirement out of the way, Vinco can now place more emphasis on its core strategy, which is to leverage digital content and increase growth through acquisitions. In a determination letter dated April 14, Vinco stated that it would file the 10-K by June 2 and that it “continues to remain confident that it will file its 10-K by that date.” Vinco has yet to file its Form 10-K for the year ended Dec. However, the company is still on the hook for another Nasdaq requirement. A failure to meet this requirement could result in a delisting from the exchange. The approval of the reverse split under the Company’s plan to maintain its Nasdaq listing, together with our ongoing refocusing efforts, better positions us to realize the great potential we see ahead,” said CEO James Robertson.īBIG Stock Begins Trading on Reverse Split Adjusted BasisĪs echoed by Robertson, Vinco executed the reverse split to meet the Nasdaq minimum price requirement of $1. “We wish to thank our investors for their continued support as we work to refocus Vinco’s operations. Any shareholder owning fractional shares as a result of the split will have their shares rounded up to the nearest whole share. The share consolidation, approved by shareholders at Vinco’s last shareholder meeting, will reduce common stock outstanding to about 13 million from 260 million shares. Shares of Vinco Ventures (NASDAQ: BBIG) are plunging lower by about 20% after the company enacted a 1-for-20 reverse stock split, effective today, May 11. The other agenda points stockholders will be asked to vote on include the approval to appoint New York-based accounting and advisory firm “Marcum LLP as independent registered public accounting firm for the fiscal year ending December 31, 2023,” and the re-election of Mickie Rosen and Ross Levinsohn (The Arena Group CEO and Chairman) as members of the board of directors until FaZe’s 2026 annual shareholders meeting.Īmid speculation about FaZe Clan planning to go private, the company’s latest SEC filing discloses its first official statement on the matter: “Notwithstanding the decrease in the number of outstanding shares following the proposed Reverse Stock Split, our Board of Directors does not intend for this transaction to be the first step in a ‘going private transaction.InvestorPlace - Stock Market News, Stock Advice & Trading Tips While a reverse stock split results in an increase in share pricing, it does not affect the company’s market capitalization or address any of the underlying business practices issues that caused the company to lose value in the first place. If approved by stockholders, such a consolidation of FaZe shares would result in per-share prices jumping to around $11 or $17 at the stock’s current market price. The proposed reverse stock split would allow FaZe Clan to regain compliance with the $1.00 minimum bid rule, as the board of directors suggested a reverse stock split at a 20:1 or 30:1 ratio. ![]() To achieve this, FaZe Clan shares must close at $1.00 or higher for at least 10 consecutive trading days. FaZe Clan was given until September 19 to regain compliance. The invitation outlines three agenda points, on which FaZe Clan’s stockholders will be asked to vote: the re-election of two members of FaZe Clan’s board of directors, the appointment of an independent accounting firm for 2023, and the approval of a reverse stock split.Įsports and lifestyle organization FaZe Clan received a letter from the Listing Qualifications Department of the Nasdaq Stock Market on March 23, as the company fell out of compliance with Nasdaq’s $1.00 minimum bid price requirement. ![]()
0 Comments
Leave a Reply. |