Vinco Ventures, Inc. (BBIG) Announces Filing of Form 10 Registration Statement in Connection with Planned Spin-Off of Cryptyde, Inc. (TYDE)
COMTEX - Updated 10 minutes ago
GlobeNewswire
November 8, 2021, Vinco Ventures, Inc. (NASDAQ: BBIG) ("Vinco") today announced the filing of a Form 10 registration statement with the United States Securities and Exchange Commission ("SEC") in connection with the planned spin-off of its subsidiary Cryptyde, Inc. The spin-off would make Cryptyde a stand-alone, publicly traded Nasdaq listed company under the ticker symbol TYDE. Vinco will continue to trade under the BBIG ticker symbol on Nasdaq following completion of the planned spin-off and currently planned subsequent merger with Zash Global Media and Entertainment Corp. The Cryptyde executive team has been transitioned from Vinco, with former Vinco Chief Strategy Officer, Brian McFadden, named Chief Executive Officer of Cryptyde, Vinco Chief Financial Officer, Brent Vroman, named Chief Financial Officer of Cryptyde, with him serving in both capacities as his duties are transitioned to the new Vinco CFO previously named, and the majority of the board of directors of Cryptyde consisting of former Vinco board members.
The Form 10 includes detailed information about Cryptyde, including historical financial information, as well as business strategy, risk factors and legal and financial disclosures:
"We believe the spin-off will provide significant benefits for Cryptyde, Vinco and their shareholders, enabling each company to enhance its strategic and operational focus, and improve resource allocation," said Lisa King, Chief Executive Officer of Vinco. "We believe Vinco and Cryptyde will be well positioned to pursue distinct strategic agendas, and build long term shareholder value for both companies," Ms. King concluded.
Upon completion of the spin-off, holders of Vinco will continue to maintain their existing ownership interest in Vinco (BBIG). Shareholders of Vinco as of the record date for the distribution will be granted shares in the new stand-alone, publicly-traded company, Cryptyde (TYDE).
"Our filing of the Form 10 is an important step in the process of creating two independent public companies, executing distinct growth strategies, that we believe will allow each company to leverage its competitive advantages and serve distinct end users and markets globally - all while enabling both companies to realize their potential shareholder value," said Brian McFadden, Chief Executive Officer of Cryptyde.
