Ross Miller is officially the new sole CEO of Vinco Ventures (NASDAQ:BBIG) after a court settlement was reached in the Vinco Ventures, Inc. v. Theodore Farnsworth, Lisa King, Roderick Vanderbilt and Erik Noble case.
The following information was published as an 8-k to officially confirm this information
On September 28, 2022, Vinco Ventures, Inc. (the “Company”) entered into a settlement agreement (the “Agreement”) with respect to the litigation entitled “Vinco Ventures, Inc. v. Theodore Farnsworth, Lisa King, Roderick Vanderbilt and Erik Noble” in the Eight Judicial District Court located in Clark County, Nevada. The Agreement set forth the following, among other things:
|●||Ross Miller is the sole CEO and shall run the Company under the oversight of the Company’s Board of Directors, with Lisa King and Rod Vanderbilt remaining as directors.|
|●||John Colucci, former Co-CEO and Phillip Jones, former CFO, both resigned effective immediately as officers and director (in the case of Colucci) of the Company.|
|●||Michael Distasio and Elliot Goldstein resigned effective immediately as Directors of the Company.|
|●||John Colucci received three month’s severance and Phillip Jones received four month’s severance, in addition to any accrued and unpaid payroll.|
|●||The Company shall pay six months worth of COBRA payments for Jones.|
|●||All directors are to be paid all director fees due to the date of severance.|
|●||Elliot Goldstein is to be paid $100,000 in lieu to any matters related to his stock options and RSUs|
|●||All outgoing directors and officers entered into three year noncompete agreements with the Company.|
|●||All parties entered into mutual releases with the Company.|
BBIG stock has steadied close to $1 as the wider market continues to sell-off. S&P 500 is down 9% in September while BBIG has relatively stayed flat. Now that the company has reached a settlement, the new CEO has a lot of ground to cover.
Mr Miller also served as the court appointed co-CEO until the settlement was reached.
Zash – Vinco Merger:
There were two major BBIG announcements in 2021 – Cryptyde spin-off and the Zash-Vinco merger. While the spin-off is complete, investors are eagerly waiting for the next biggie. The merger would solidify the ownership of Lomotif – Tik Tok’s biggest competitor.