BBIG stock was trading up at $1.0004 as of 12:45 PM EDT
After a turbulent narrative of the boardroom and executive suite conflicts, Vinco Ventures, Inc. (NASDAQ:BBIG) has moved to formally identify Ross Miller as CEO.
According to a corporate announcement, former co-CEO Ross Miller will be promoted to the position of CEO on his own, while Lisa King returns to her position on the Board of Directors alongside Rod Vanderbilt, who will also stay on the Board. Former Melco Resorts executive Gabe Hunterton will work as President of the company.
A “thwarted takeover attempt” in July had King and Vanderbilt as its corporate objectives. In July, both people had their operational employment with the company terminated. The business then declared that John Colucci would be named as the CEO-in-waiting.
Colucci and former CFO Philip Jones have, according to the most recent statement, “resigned from their roles at the company, removing all links with Vinco Ventures, effective immediately.” The firm’s website has since withdrawn the previous press release that detailed the allegations of a hostile acquisition.
Ross Miller, the new CEO of Vinco, said that with the settlement agreement and litigation now past, the leadership team will aggressively pursue close working ties with Zash and ZVV teams to move closer to finalizing the combination of both companies.
“In addition to planned commercial initiatives, we are completely focused on being transparent and adding value for our shareholders.” Execution is required now that the platforms, technologies, and human resources have been put in place. “
Factors Behind the BBIG Stock Instability
Vinco Ventures (NASDAQ:BBIG) has been dealing with a number of difficulties, such as the company fending off a hostile takeover that resulted in a restraining order being put in place, was ordered to accept a CEO by a court, hasn’t released any earnings reports since the end of Q1, now has three co-CEOs, received a Deficiency Notice from Nasdaq regarding filing its quarterly report on form 10-Q, and after recently falling under.
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