Vinco Ventures Inc. (NASDAQ: BBIG) lost 10.69% after the company announced that the expected “spin out” of Emmersive Entertainment featured on 60 Minutes Plus as a standalone public traded company. Vinco specializes in selective acquisitions by capitalizing on new market prospects using the Buy, Innovate and Grow strategy. The deal with Emmersive Entertain is likely to happen in Q3 2021.
Brian McFadden to lead the resulting company from the “spin out.”
Interestingly, Brian McFadden, the current Chief Strategy Officer Vinco Ventures, will head the resulting Emmersive Entertainment Public Company following the transaction. McFadden said that this opportunity to continue cultivating the technology is thrilling. He added that he appreciates the faith of the Board member in him to continue leading and growing the creative business. McFadden gave assurances that the Emmersive tech and capabilities will be realized fully, giving Vinco Ventures shareholders the extra equity benefit in a second public company which is an icing on the cake to the ZASH merger.
Vinco Ventures shareholders to get a stake in the new company
The company plans to complete the transaction in the third quarter and, after that, publish the Shareholder of Record Effective date. This will give all Vinco Shareholders an equity stake in the resulting company as of the effective record date. Most importantly, the companies will proceed with their originally arranged partnership, allowing them to leverage technologies they presently own and traffic.
Vinco CEO Christopher Ferguson said, “This is a great opportunity for the shareholders of record on the effective date. The technology that Emmersive continues to develop is I believe industry changing and we felt the best way to ensure the shareholders receive that value is by splitting the two entities and providing the shareholders the proverbial ‘two bites of the apple.’ We look forward to what Brian and the team can build and have full confidence in their ability to execute.”