Vinco Ventures notified the SEC that it requires 10-K filing extension, as its unable to file its Annual Report on Form 10-K for the year ended December 31, 2021 by the March 31, 2022 filing deadline. The reason given was that there has been a delay in completing the financial statements and other disclosures in the Annual Report. As a result of this Vinco Ventures is still in the process of compiling the required information to complete the Annual report.
The company also anticipates that it will file the Annual Report no later than the fifteenth calendar day (April 14th, 2022) following the prescribed filing date.
The stock fell 5% during after hours following the filing.
The ‘Cryptyde’ Factor
BBIG investors have been waiting for the long-awaited Cryptyde spin-off, ever since its announcement last year. Things started pacing up late January after Vinco ventures filed Form-10 for the issuance of TYDE shares. It had also entered into a definitive aggreement for a $42 million debt and common equity raise.
Buzz on social media suggests that, record date of Cryptyde could co-incide with the earnings call; which could be the reason for the delay in filing the annual report.
Twitter user Aaron_529 had posted that he recieved an update from Cryptyde’s management, they are refraining from making any announcements as they are currently in a ‘Quiet Period’. This indicates that Cryptyde’s Nasdaq approval is in the later stages.
Lomotif & Adrizer
Earlier on Thursday, Vinco Venture’s CEO Lisa King said that BBIG has completed the acquisition of an 80% interest in Lomotif, one of the fastest growing video-sharing social networking platform. And earlier this year, Vinco completed the acquisition of Adrizer – a proprietary AI-focused platform that runs both real-time programmatic ad transactions and has direct agreements with agencies and advertisers.
Sources close to the matter revealed that the company is very close to integrating these platforms as Lomotif seems to have picked up in India following its rival Tik Tok’s ban.
The Numbers
BBIG ended its trading session on thursday, up +2.5% at $3.2 with a trading volume of 20.113 million. Its current market capitalization is $598.57 million with a public float of 127.99 million shares. Ortex data suggests that BBIG’s utilization rate remains unchanged at 100%, days to cover on loan is at 1.12 with more than 44 million shares on loan. Exchange reported short interest is 24 million shares with cost to borrow averaging at a whopping 307.19%.
