Vinco Ventures Stock News and Forecast: CEO and CFO resign, BBIG drops sharply
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UPGRADE- Vinco Ventures stock drops sharply as the CEO resigns.
- BBIG stock drops over 15% in the premarket session.
- BBIG CEO Christopher Ferguson tendered his resignation but stays within the group.
Vinco Ventures (BBIG) stock is a pretty volatile name at the best of times, and it is certainly living up to that billing today. The stock is down over 15% in the premarket at $6.53 at the time of writing.
Why is Vinco Ventures (BBIG) stock down?
The reason plain and simple is that the CEO has resigned. Christopher Ferguson has resigned as CEO, effective October 25, and as chairman of the board of directors, effective October 19. As we often mention here, the market hates uncertainty more than bad news, and this created uncertainty for BBIG stock Added to all this is the additional resignation from Chief Financial Officer and Treasurer Brett Vroman. He has resigned, effective November 4. Lisa King has been appointed CEO and President, effective from October 25, and Philip Jones has been appointed the CFO position, effective November 4.
Vinco Ventures (BBIG) stock news
A leadership vacuum is not a good thing for any organization, and even though BBIG has quickly announced replacements, it still creates a level of uncertainty for shareholders. However, on closer inspection it may not be quite the shock. Both Christopher Ferguson and Brett Vroman are remaining within the parent company organization. Vinco Ventures is changing its name to ZASH, which will represent all of the Vinco subsidiary companies going forward. Christopher Ferguson will take the role of senior strategic advisor for three years with ZASH. Meanwhile, Brett Vroman has been appointed CFO of Cryptyde, a wholly-owned subsidiary of Vinco Ventures. Christopher Ferguson said, "Working closely with Lisa over the last several months, I have grown to gain a great deal of respect for her acute ability and admire her executive leadership skills that she displays within the company. I personally feel the Vinco Ventures shareholders could not be in better hands than with Lisa King at the helm of Vinco Ventures".
According to the company, "ZASH recently completed the acquisition of Lomotif through a joint venture between ZASH and Vinco Ventures, known as ZVV Media Partners, LLC. Upon closing of the merger between ZASH and Vinco, ZASH will be a public company and controlling shareholder of Vinco, making Lomotif one of the top global, pure play video-sharing social networking platforms to be owned by a US publicly-traded company, competing with TikTok and Kuaishou in the space."
Vinco Ventures (BBIG) stock forecast
This stock is incredibly volatile and hard to really do technical analysis on as it moves so violently through levels. At $6.83 is a combination of the yearly Volume Weighted Average Price (VWAP) and the 21-day moving average, so it may be that BBIG stock can find some support there. Otherwise, the 100-day moving average at $4.97 could be the next support. Please trade this one carefully and use stops.
- Vinco Ventures stock drops sharply as the CEO resigns.
- BBIG stock drops over 15% in the premarket session.
- BBIG CEO Christopher Ferguson tendered his resignation but stays within the group.
Vinco Ventures (BBIG) stock is a pretty volatile name at the best of times, and it is certainly living up to that billing today. The stock is down over 15% in the premarket at $6.53 at the time of writing.
Why is Vinco Ventures (BBIG) stock down?
The reason plain and simple is that the CEO has resigned. Christopher Ferguson has resigned as CEO, effective October 25, and as chairman of the board of directors, effective October 19. As we often mention here, the market hates uncertainty more than bad news, and this created uncertainty for BBIG stock Added to all this is the additional resignation from Chief Financial Officer and Treasurer Brett Vroman. He has resigned, effective November 4. Lisa King has been appointed CEO and President, effective from October 25, and Philip Jones has been appointed the CFO position, effective November 4.
Vinco Ventures (BBIG) stock news
A leadership vacuum is not a good thing for any organization, and even though BBIG has quickly announced replacements, it still creates a level of uncertainty for shareholders. However, on closer inspection it may not be quite the shock. Both Christopher Ferguson and Brett Vroman are remaining within the parent company organization. Vinco Ventures is changing its name to ZASH, which will represent all of the Vinco subsidiary companies going forward. Christopher Ferguson will take the role of senior strategic advisor for three years with ZASH. Meanwhile, Brett Vroman has been appointed CFO of Cryptyde, a wholly-owned subsidiary of Vinco Ventures. Christopher Ferguson said, "Working closely with Lisa over the last several months, I have grown to gain a great deal of respect for her acute ability and admire her executive leadership skills that she displays within the company. I personally feel the Vinco Ventures shareholders could not be in better hands than with Lisa King at the helm of Vinco Ventures".
According to the company, "ZASH recently completed the acquisition of Lomotif through a joint venture between ZASH and Vinco Ventures, known as ZVV Media Partners, LLC. Upon closing of the merger between ZASH and Vinco, ZASH will be a public company and controlling shareholder of Vinco, making Lomotif one of the top global, pure play video-sharing social networking platforms to be owned by a US publicly-traded company, competing with TikTok and Kuaishou in the space."
Vinco Ventures (BBIG) stock forecast
This stock is incredibly volatile and hard to really do technical analysis on as it moves so violently through levels. At $6.83 is a combination of the yearly Volume Weighted Average Price (VWAP) and the 21-day moving average, so it may be that BBIG stock can find some support there. Otherwise, the 100-day moving average at $4.97 could be the next support. Please trade this one carefully and use stops.
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