Vinco Ventures Inc. (NASDAQ: BBIG) stock showed a decline of 7.69% in the last trading close, whereas the BBIG stock price rises by 25.00% during after-hours. There is no recent news or press release available related to this change in Vinco Ventures stock price. Vino Ventures is a mergers and acquisition company that deals with digital commerce and consumer brands.
What is happening?
Any recent news does not follow the rise of BBIG stock; therefore, we will look at the past scenarios, which can help us understand the current situation of BBIG stock.
Vinco Ventures signed an agreement of merger with ZASH Global Media and Entertainment on January 21, 2021. ZASH, an entertainment, content, and distribution company, signed the deal followed by specific conditions to catalyze the growth in live-streaming content, video sharing distribution, and production of content within its parameter. ZASH is led by a few of the highly known and successful leaders of the entertainment industry:
- Firstly, the media disruptor and financier Ted Farnsworth is the innovator atMusic.ly TikTok and Triller.
- Jaeson Ma,an expert in user-generated content.
- Lastly, the social monetization expert Vincent Butta.
On February 26, the news came out that the former Chairman of MoviePass Ted Farnsworth, together with few other investors who initially decided to buy an 80% controlling stake in the Singapore video-sharing service Lomotif, will now pay about $125 million in the deal. Lomotif is a competitor or rival of Tiktok that is a video sharing app owned by China. Zashaims to strengthen Lomotifto challenge Tiktok, which is a bigger platform, as of now. This deal was expected to close around the same time as Zash’s going public in the United States, announced in January through a partnership with Vinco Ventures Inc.
In the merger, the stock price of both companies gets influenced by each other. Similarly, this recent development in Zash Global Media and Entertainment in which they planned to buy Lomotif affected the BBIG stock causing it to rise. Therefore, the latest change in BBIG stock might be due to any development in Zash since they are a part of the signed merger.