Vinco Ventures, Inc. (BBIG), a company involved in consumer product research and development, manufacturing, sales, and fulfillment, has soared 10.88% in aftermarket trading session. Consequently, BBIG stock is trading at $4.28 at the time of the writing. The increase was attributable to the announcement of the release date of quarterly results by the company. On Friday, BBIG closed the day at $3.86 after declining 2.77% during the mid-day session.
Why BBIG Stock Increasing?
On Friday, BBIG announced that it would release the financial results for the third quarter of fiscal 2021, which ended 30th September 2021, on 22nd November 2021. The company said that the management would hold the conference call and a webcast to shed a light on the company’s third-quarter results and major business developments which have imparted influence over the company.
Filing of Registration Statement
On 8th November, BBIG announced the filing of form 10 registration statement with US SEC related to the planned spin-off of Cryptyde Inc. The spin-off was to cause Cryptyde a publicly-traded NASDAQ listed company having a ticker symbol of TYDE. The Vinco was to continue under the ticker of BBIG on NASDAQ after the completion of the planned spin-off and the merger with Zash Global Media and Entertainment Corp.
Q2 2021 Financial Highlights
In late August, BBIG announced the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company had cash and cash equivalents of $74.75 million on 30th June. The net revenue generated by the company during the quarter was $2.69 million against $5.17 million for the same period of 2020. The operating loss bore by the company during the quarter was $4.97 million against $1.20 million for the same period of 2020. The net loss suffered by the company during the quarter was $183.66 million (or $5.13 per basic and diluted share) against $1.62 million (or $0.18 per basic and diluted share) for the same period of 2020.
Future Outlook for BBIG Stock
Statistics reveal that during the last three months, BBIG stock has increased more than 55%. The prime reason for that is the excellent business strategies imparted by the company in the form of business expansion plans. Analysts believe that the continuation of such policies would greatly aid the company in the long run.
