FAIRPORT, N.Y., May 5, 2022
/PRNewswire/ -- Vinco Ventures, Inc. (NASDAQ: BBIG) ("Vinco"), a
digital media and content technologies holding company, today
announced that May 18, 2022 has been
set as the record date for the dividend of shares of common stock
of Cryptyde, Inc. ("Cryptyde") to be distributed to Vinco
stockholders in order to effect the separation of Vinco and
Cryptyde into two independent, publicly traded companies.
Each Vinco stockholder of record as of the close of business on
May 18, 2022 will receive, on the
distribution date, one share of Cryptyde common stock for every 10
shares of Vinco common stock held. The share dividend is expected
to be distributed to Vinco stockholders on or about May 27, 2022. Following the separation, Vinco
stockholders will also receive cash in lieu of any fractional
shares of Cryptyde common stock that those holders would have
received after application of the 10:1 distribution ratio. No
action is required by Vinco stockholders in order to receive the
shares of Cryptyde common stock in the dividend distribution.
In connection with this separation, Cryptyde filed a
Registration Statement on Form 10 (the "Form 10"). This Form 10
contains further information regarding Vinco's plans for a tax-free
spin-off of Cryptyde as a publicly traded company, including the
conditions to completion of the separation. The Form 10 has not
been declared effective yet by the Securities and Exchange
Commission.
After the separation, Cryptyde common stock is expected to trade
on the Nasdaq Capital Market under the stock ticker symbol "TYDE"
and Vinco will continue to trade on Nasdaq Capital Market under the
stock ticker symbol "BBIG."
About Vinco Ventures
Vinco Ventures, Inc. (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 visit
Investors.vincoventures.com.
About Lomotif
Lomotif is a video-sharing social networking platform that is
democratizing video creation. A home for creators since 2014,
Lomotif hosts a grassroots social community with dedicated users in
Asia, Latin America and the United States. Lomotif is 80% owned by ZVV
Media Partners, LLC, a joint venture of ZASH Global Media and
Entertainment Corporation and Vinco Ventures, Inc. (Nasdaq: BBIG).
Download the Lomotif app from Apple and Google stores or visit
www.lomotif.com for more information.
About Cryptyde
Cryptyde, Inc. (anticipated: TYDE), is focused on leveraging
blockchain technologies to disrupt consumer facing
industries.
Forward-Looking
Statements
This 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 presentation 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 of the Form 10 to be declared effective by
the Securities and Exchange Commission, the failure to satisfy any
conditions to complete the spin-off as specified in the 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 shareholders and Cryptyde
from the recent injection of businesses and assets into Cryptyde
and the spin-off, the regulatory risks with the NFT and blockchain
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
and Cryptyde's Amendment No. 2 of Form 10 filed on March 18, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/vinco-sets-record-date-and-distribution-date-for-planned-business-separation-of-cryptyde-301541343.html
SOURCE Vinco Ventures, Inc.