New Vinco Ventures (NASDAQ:BBIG) updates have investors centered on more potential lawsuits.
The company announced it had pushed back its Form 10-Q filing, a common pattern investors have seen before.
“Vinco Ventures announced receipt of a staff determination on May 18, 2023 stating that the Company failed to meet its obligations under Nasdaq Listing Rule 5810(b) because it has not yet filed its Form 10-Q for the period ended March 31, 2023.
The Company is required to file updated information with the Hearings Panel no later than May 25, 2023, regarding its scheduled plans to file this delinquent Form 10-Q.
The Company notes, in the April 14, 2023 determination letter, which it received from the Panel, its agreement to file its 10-Q by July 7, 2023 was referenced, and that the Company continues to remain confident that it will file its 10-Q by that date,” the press release read.
Vinco Ventures is focused on the development of digital media and content technologies.
Vinco Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited.
The company has a 100% ownership interest in AdRizer, LLC.
BBIG stock is currently down more than -75% this year-to-date.
BBIG Investors Fight BoD
In April, the BBIG community was able to raise more than $42K to fight the Board of Directors in court.
Investors have been calling the Board of Directors to step down on social media, claiming the BoD are not qualified to serve investors.
“That amendment to our articles of incorporation and addition of preferred shares without shareholders vote was illegal.
We are attempting to stop the reverse split and dilution that we believe was rammed through an illegal proxy and invalid shareholders meeting,” said Shad, an investor involved in the BBIG lawsuit.
However, Vinco Ventures announced a 1-for-20 reverse stock split in May which the company stock has already undergone.
“We wish to thank our investors for their continued support as we work to refocus Vinco’s operations.
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,” stated James Robertson, Chief Executive Officer.
“Another missed deadline. This is why our lawsuit is so important. We can either HOPE the company delivers news and the stock price runs, or we can TAKE ACTION to recover our investment,” says one investor on social media.
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