by Retail shareholders of Vinco Ventures (NASDAQ:BBIG) issued a press release stating they have retained Hutchison & Steffen, PLLC. in an effort to seek a change of leadership from within the company.
This follows a day shortly after Christopher Muntz detailed an open letter to Rod Vanderbilt, Chairman of the Board at Vinco Ventures.
The letter, in short, highlights many topics shareholders of Vinco are concerned about.
“Failed shareholder vote in 2022, no meeting.” as stated in one of the topics by Muntz.
Non-compliance Issues
Vinco has received a notice from NASDAQ for its non-compliance issues.
One of the ongoing issues pertains to failing to file Form 10-k for the period ending December 31, 2022.
The company received a staff determination letter on April 18 and stated they have until June 2, 2023, to file its 10-K by that date.
In addition to the missing 10-K, Vinco also received a non-compliance issue pertaining to failing to file Form 10-Q for the quarter ending March 31, 2023.
The company stated they have until July 7, 2023, to file its 10-Q.
Another non-compliance issue pertains to NASDAQ $1 bid price requirement.
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.
Shareholder Meeting
Vinco is set to host its annual meeting of shareholders on Thursday, April 27th at 10:00 AM EST, after failing to host an annual meeting for all of 2022.
This meeting hopes to address the NASDAQ $1 bid price requirement in a proposal to reverse split between a ratio of 1:2, 1:10, or 1:20.
The company recommends voting For on all 12 proposals in a letter sent to Shareholders.
Just recently Vinco announced its new leadership team; James Robertson as President and CEO, along with Chris Polimeni as CFO and COO.
This comes a day prior to Vinco Shareholders self-represented as pro-se in an effort to obtain a temporarily restraining order against the Board of Directors and Theodore Farnsworth. (A-23-868781-B | Shadwrick Vick, Plaintiff(s) vs. Theodore Farnsworth, Defendant(s))
