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shares of Vinco Ventures (Nasdaq:BBIG) is trending today with news that the holding company has appointed a new director to oversee corporate governance. The new director is the latest in a series of executive changes at Fairpoint, a New York-based company focused on acquiring fast-growing digital businesses. This October, he appointed Ross Miller as the new CEO.
BBIG’s stock is down 53% in 2022 and is trading at 83 cents a share, deep in penny stock territory.
What Happened to BBIG Stock
Vinco Ventures has announced the appointment of Richard Levychin to its Board of Directors as an Independent Director and Chair of the Board’s Audit Committee. Levychin will oversee his corporate governance, particularly related to financial reporting and disclosures. Mr. Levychin is a partner based in New York. Galeros Robinson Commercial audit practice with a focus on both public and private organizations.
Vinco Ventures CEO Miller said in a news release:
Given that BBIG shares trade at 83 cents, the company is in danger of having its shares delisted. Nasdaq Replace it unless it sets you back $1 or more. Meeting this standard is the company’s current focus, it said in a news release announcing Levychin’s appointment.
why it matters
Vinco Ventures is a notorious memetic strain. The company’s stock price has risen and crashed many times. In September 2021, BBIG’s stock price rose from $2.50 to $12.49 in just a few days and a short squeeze was executed. The most recent rally occurred in his February of this year, when the stock reached $3.53 per share. Since then, the stock has steadily eroded.
It is encouraging that Vinco Ventures has appointed an independent director to oversee corporate governance and financial reporting. We hope that BBIG’s stock price will rise above $1 per share so that Vinco Ventures can continue to comply with the rules set by the Nasdaq exchange.
What’s next for BBIG stock
Today, BBIG’s share price is rising on news of board appointments, but investors should keep in mind that Vinco Ventures is a memetic stock. The stock is trading at very low levels and could soon be delisted from the Nasdaq. These factors make BBIG stock a volatile and potentially risky investment. Please proceed with caution with this security.
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read more: Penny Stocks — How to Profit without Getting Scammed
On the day of publication, Joel Baglole I did not have any positions (directly or indirectly) in any of the securities mentioned in this article. The opinions expressed in this article are those of the subject author of InvestorPlace.com. Publication guidelines.
