Vinco Ventures (BBIG) Announces 'Spin Out' of Emmersive Entertainment
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Vinco Ventures, Inc. (NASDAQ: BBIG) a leader in selective acquisitions leveraging new market opportunities by utilizing the B.I.G. Strategy: Buy. Innovate. Grow., is pleased to announce the planned 'spin out' of Emmersive Entertainment, recently featured on 60 Minutes Plus, as its own standalone publicly traded entity. The transaction is contemplated to occur during the third quarter of this year.
The Company also announces that the resulting Emmersive Entertainment Public Company will be led by current Vinco Ventures Chief Strategy Officer Brian McFadden. "The opportunity to continue to cultivate this technology is exciting," McFadden said. "I greatly appreciate the faith Board members have in my abilities to continue operating and growing this innovative business. The technology and capabilities of Emmersive will be more fully realized and will be providing the shareholders of Vinco Ventures the additional benefit of equity in a second Public Company is in my view the icing on the cake to the overall merger with ZASH."
The Company plans to conduct this transaction in Q3 2021 and will shortly announce the Shareholder of Record Effective date, providing all Vinco Venture Shareholders, as of the Record Effective date, an equity position in the resulting company. Additionally, the companies will continue their originally planned partnership allowing them to leverage the traffic and technologies that they currently possess.
"This is a great opportunity for the shareholders of record on the effective date," said Vinco CEO Christopher Ferguson. "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."
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