Vinco Ventures Announces Nasdaq Acceptance of Remediation Plan to Address Deficiency Notice
27 Octobre 2022 - 2:30PM
Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or
the “Company”), a digital media and content technologies holding
company, today announced that The Nasdaq Stock Market LLC
(“Nasdaq”) has accepted the Company’s remediation plan (the “Plan”)
to regain compliance with Rule 5250(c)(1), to timely file all
required periodic reports with the Securities and Exchange
Commission (“SEC”), that was submitted on October 17, 2022. The
Company will now have until January 31, 2023, to regain compliance.
“The Vinco leadership team is working tirelessly to regain
compliance with the Nasdaq Exchange as fast as possible. The quick
acceptance from Nasdaq of our remediation plan that was submitted
on October 17th is key to our progress as we diligently work
through Vinco’s financials and quarterly filing,” said Ross Miller,
CEO of Vinco. “There is sufficient time for us to meet the
deadlines set forth in our remediation plan, and I could not be
more pleased with the team assembled at Vinco working on the path
forward. In particular, this includes our expert interim CFO,
Brendan Bosack, who brings to Vinco over 20 years of financial
reporting and leadership experience. I look forward to keeping our
shareholders and the investment community updated as we accomplish
milestones.”
“With Vinco’s remediation plan accepted by Nasdaq, we can
continue to plough forward with the work on our quarterly filings.
We are confident in the timeframe set forth in our plan and we look
forward to execution,” added Brendan Bosack, Interim CFO of
Vinco.
Brendan Bosack is a Senior Managing Director at
Ankura, an advisory CFO firm, with over 20 years of experience
guiding public and private companies through periods of transition,
creating value for existing and future stakeholders. In leadership
roles, Brendan employs a whole-to-part style, creating a framework
to drive action in organizations. Brendan has an expansive
background incorporating technology and process improvement
experience when developing solutions. Prior to his role at Ankura,
Brendan was a Vice President of Finance for two operating divisions
at Eastman Kodak Company, as well as serving as the Director of
Financial Planning and Reporting. He was a Vice President in both
the Turnaround and Restructuring group and Information Management
Systems group at a prominent global consulting company, bringing a
unique blend of technology and finance experience.
About Vinco VenturesVinco Ventures (Nasdaq:
BBIG) 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. Vinco Ventures owns a 100% ownership
interest in AdRizer, LLC.
For more information, please visit investors.vincoventures.com
and follow us on LinkedIn and Twitter.
Forward-Looking Statements and DisclaimersThis
press release contains “forward-looking statements” as defined in
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995, which are based upon beliefs of, and
information currently available to, Vinco Ventures’ management as
well as estimates and assumptions made by Vinco Ventures’
management. These statements can be identified by the fact that
they do not relate strictly to historic or current facts. When used
in this presentation the words “estimate,” “expect,” “intend,”
“believe,” “plan,” “anticipate,” “projected,” and other words or
the negative of these terms and similar expressions as they relate
to the applicable company, or its management identify
forward-looking statements. Such statements reflect the current
view of Vinco Ventures with respect to future events and are
subject to risks, uncertainties, assumptions and other factors
relating to Vinco Ventures and its subsidiaries and consolidated
variable interest entities including Lomotif, their industry,
financial condition, operations and results of operations. Such
factors include, but are not limited to, the expected benefits from
Vinco Ventures’ investments in Lomotif and related growth
initiatives and strategies such as the blended media,
cross-platform distribution strategy, the expected benefits of
Lomotif’s participation in and sponsorship of live entertainment
events, the expected benefits from acquisition of AdRizer and
planned integration of the AdRizer technology with Lomotif and
Honey Badger and synergies between AdRizer, Lomotif and Honey
Badger and such other risks and uncertainties described more fully
in documents filed by Vinco Ventures with or furnished to the
Securities and Exchange Commission, including the risk factors
discussed in Vinco Ventures’ Annual Report on Form 10-K for the
period ended December 31, 2021 filed on April 15, 2022, which are
available at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, expected, intended, or planned.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to
conform these statements to actual results.
For further information, please contact:
Investor ContactKCSA Strategic
CommunicationsAllison SossBBIGinvestors@kcsa.com
Media ContactVinco Ventures,
Inc.Media@vincoventures.com
Vinco Ventures (NASDAQ:BBIG)
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