On Thursday, a group of shareholders announced the nomination of three new “retail investor” candidates to the board of directors of Vinco Ventures (NASDAQ:BBIG), citing the company’s lack of transparency.
The move comes in response to concerns about Vinco Ventures’ compliance with Nasdaq rules and regulations, including the company’s failure to file quarterly reports for Q2 and late filings of Q3 of 2022, as well as its failure to hold an annual meeting in 2022, according to the community’s website.
“There’s a lot of people hurting”, says Lorne Ross, one of the three retail investor candidates in a Twitter space call.
Shares of BBIG stock have fallen more than -22% this year-to-date alone and more than -77% in the past year, hitting a record all-time low.
The three nominees are Lorne Ross, Shadwrick Vick and Christopher Muntz.
I was able to hop on a space call and hear about what they had to say.
“This is just a little phase, this doesn’t guarantee anything, but it’s an action we’re taking”, says Vick, who also hosted the meeting.
The BBIG community wants to place retail investors on the Vinco Ventures Board of Directors in efforts to improve communication between the company and its shareholders, as well as help turn the company around.
BBIG Retail Investor News Today
Investors are supporting the effort to help the business go through what shareholders believe is much needed change.
Here are some comments from the BBIG Family press release:
“As a worldwide community of retail investors, we are deeply concerned about the recent Nasdaq deficiency notices received by Vinco Ventures and lack of transparency into our investment” said Shadwrick Vick, a shareholder of Vinco Ventures and a community nominee.
“It’s time to consider additional leadership that will prioritize transparency, accountability, and compliance.
Real people have put their hard-earned dollars into this company and deserve a roadmap, filings and basic communication”.
Shareholders feel the current board of directors are not serving retail investors’ best interests but rather those potentially of another party.
The retail investors plan to file their nomination materials with Vinco Ventures today, in accordance with the company’s bylaws and rules governing shareholder nominations.
“We are confident that our nominees have the skills and expertise needed to help guide Vinco Ventures through these challenging times and position the company for long-term success,” said Austin Gilmore – Nominator.
The nomination letter outlines the qualifications and experience of each nominee and highlights their commitment to creating value for all shareholders.
The election of new board members is anticipated to take place at Vinco Ventures’ upcoming annual meeting.
Vinco Ventures Shareholder Meeting 2023
A filing shows Vinco Ventures will be holding an annual shareholder meeting on April 18, 2023 at 10:00am Eastern time.
The company is asking its investors to vote for a variety set of proposals that would dilute the company stock in order to raise more cash.
One of the proposals authorizes shares of common stock from 249,000,000 to 750,000,000 and to increase preferred stock from 1,000,000 to 5,000,000.
A reverse stock split in a range of 1:2-1:20 is also being proposed in the filing — similar to what AMC Entertainment shareholders have approved and to what Mullen Automotive will undergo should they fail to meet Nasdaq’s $1 bid per share compliance.
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I love this move by the retail investors of BBIG. The current BOD hasn’t fulfilled their obligated fiduciary duties, this shakeup comes at a crucial moment in which the company needs an overhaul.
Leave your thoughts below!