Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or
the “Company”), a digital media and content technologies holding
company, today announced that the Company’s Board of Directors has
set June 29, 2022 (the “Distribution Date”) as the distribution
date for the dividend of shares of its common stock of Cryptyde,
Inc. ("Cryptyde") to be distributed, subject to certain conditions,
to Vinco stockholders in order to effect the previously disclosed
separation of Vinco and Cryptyde into two independent, publicly
traded companies (the “Distribution”). On the Distribution Date,
Vinco stockholders entitled to receive the Distribution will
receive one share of Cryptyde common stock for every ten shares of
Vinco common stock held.
After the close of business on May 18, 2022 (the
“Record Date”) and continuing up to and including the Distribution
Date, there have been two markets in Vinco common stock: a
“regular-way” market and an “ex-distribution” market. Shares of
Vinco common stock that trade on the “regular-way” market trade
with an entitlement to receive shares of Cryptyde common stock in
connection with the Distribution. Shares of Vinco common stock that
trade on the “ex-distribution” market trade without an entitlement
to receive shares of Cryptyde common stock in the Distribution.
Therefore, if you sell, or have sold, shares of Vinco common stock
on the “regular-way” market after the close of business on the
Record Date and up to and including through the Distribution Date,
you will be selling, or have sold, your right to receive shares of
Cryptyde common stock in connection with the Distribution. If you
owned shares of Vinco common stock as of the close of business on
the Record Date and sell, or have sold, those shares on the
“ex-distribution” market, up to and including through the
Distribution Date, you will still receive the shares of Cryptyde
common stock that you would be entitled to receive in respect of
your ownership, as of the Record Date, of the shares of Vinco
common stock that you sell or sold.
As of the close of business on the Record Date
and continuing up to and including the Distribution Date, there has
been a “when-issued” market in Cryptyde common stock. “When-issued”
trading refers to a sale or purchase made conditionally because the
security has been authorized but not yet issued. The “when-issued”
trading market is a market for shares of Cryptyde common stock that
will be distributed to Vinco stockholders on the Distribution Date.
If you owned shares of Vinco common stock as of the close of
business on the Record Date, you would be entitled to receive
shares of Cryptyde common stock in connection with the
Distribution. You may trade this entitlement to receive shares of
Cryptyde common stock, without trading the shares of Vinco common
stock you own, in the “when-issued” market. On the first trading
day following the Distribution Date, we expect “when-issued”
trading with respect to Cryptyde common stock will end and
“regular-way” trading in Cryptyde common stock will begin.
No fractional shares of Cryptyde common stock
will be issued in the Distribution. Instead, fractional shares will
be aggregated into whole shares and sold in the open market at
prevailing prices and the cash proceeds of such sales will be
distributed pro rata to each Vinco stockholder that would otherwise
have been entitled to receive a fractional share. No action is
required by Vinco stockholders in order to receive the shares of
Cryptyde common stock in the dividend distribution.
Cryptyde common stock currently trades on the
Nasdaq Capital Market under the stock ticker symbol “TYDEV,” and
after the separation, Cryptyde common stock will trade on the
Nasdaq Capital Market under the stock ticker symbol “TYDE” and
Vinco will continue to trade on the Nasdaq Capital Market under the
stock ticker symbol “BBIG.”
In all cases, investors are encouraged to
consult with their financial advisors regarding the specific
implications of selling shares of their Vinco common stock or the
right to receive shares of Cryptyde common stock on or before the
close of trading on the Distribution Date.
About Vinco VenturesVinco
Ventures (Nasdaq: BBIG) is focused on the development of digital
media and content technologies. Vinco Ventures’ consolidated
subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco
Ventures and ZASH Global Media and Entertainment Corporation, has
an 80% ownership interest in Lomotif Private Limited. For more
information, please visit investors.vincoventures.com.
About CryptydeCryptyde, Inc.
(Nasdaq: TYDEV), is focused on leveraging blockchain technologies
to disrupt consumer facing industries.
Forward-Looking Statements and
DisclaimersThis press release contains “forward-looking
statements” as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995, which are based
upon beliefs of, and information currently available to, Vinco
Ventures’ management as well as estimates and assumptions made by
Vinco Ventures’ management. These statements can be identified by
the fact that they do not relate strictly to historic or current
facts. When used in this press release the words “estimate,”
“expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,”
and other words or the negative of these terms and similar
expressions as they relate to the applicable company, or its
management identify forward-looking statements. Such statements
reflect the current view of Vinco Ventures with respect to future
events and are subject to risks, uncertainties, assumptions and
other factors relating to Vinco Ventures and its subsidiaries and
consolidated variable interest entities including Lomotif, their
industry, financial condition, operations and results of
operations. Such factors include, but are not limited to, the
expected benefits from Vinco Ventures’ investments in Lomotif and
related growth initiatives and strategies such as the blended
media, cross-platform distribution strategy, the expected benefits
of Lomotif’s participation in and sponsorship of live entertainment
events, the expected benefits from acquisition of AdRizer and
planned integration of the AdRizer technology with Lomotif and
Honey Badger and synergies between AdRizer, Lomotif and Honey
Badger, uncertainties as to the completion and timing of the
spin-off of Cryptyde, the failure to satisfy any conditions to
complete the spin-off as specified in Cryptyde’s Registration
Statement on Form 10 , the expected tax treatment of the spin-off
and the impact of the spin-off on the businesses of Vinco Ventures
and Cryptyde, the expected benefits for Vinco Ventures, its
stockholders and Cryptyde from the recent injection of businesses
and assets into Cryptyde and the spin-off, the regulatory risks
with the Web3 and Bitcoin mining services business lines and such
other risks and uncertainties described more fully in documents
filed by Vinco Ventures and Cryptyde with or furnished to the
Securities and Exchange Commission, including the risk factors
discussed in Vinco Ventures’ Annual Report on Form 10-K for the
period ended December 31, 2021 filed on April 15, 2022, Cryptyde’s
Amendment No. 4 to Form 10 filed on May 13, 2022, and Cryptyde’s
Amendment No. 2 to Form S-1 filed on June 16, 2022, which are
available at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or the underlying assumptions prove
incorrect, actual results may differ significantly from those
anticipated, believed, estimated, expected, intended, or planned.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to
conform these statements to actual results.
For further information, please contact:
Investor ContactKCSA Strategic
CommunicationsAllison SossVincoVentures@kcsa.com
Media ContactVinco Ventures, Inc.Brian
HartMedia@vincoventures.com
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