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BBIG Stock Alert: Why did Vinco Ventures receive another deficiency notice?


Source: shutterstock.com / Postmodern Studio

Vinco Ventures (NASDAQ:BIG) the stock is in the spotlight after the company announced that it had received a notice of deficiency from the Nasdaq regarding a late quarterly report, also known as a Form 10-Q, for the quarter ended September 30. The deadline for submission was November 14.

In fact, Vinco did not even submit its Form 10-Q for the quarter ended June 30, which had an August 22 deadline. The company had 60 days after the notice, or until October 17, to submit a remediation plan. with the Nasdaq, which he did.

“Vinco’s management team is working tirelessly to restore compliance with the Nasdaq Exchange as quickly as possible,” CEO Ross Miller said. “Nasdaq’s rapid acceptance of our remediation plan which was submitted on October 17e is key to our progress as we work diligently on Vinco’s quarterly financial statements and filings.

BBIG Stock: Where are the profits of Vinco Ventures?

Now, Vinco has until January 30, 2023 to submit its results for the quarter ended June 30. In a press release today, the company said it had submitted a compliance plan to Nasdaq to file the two outstanding 10-Qs by January 1. 30. Vinco will file another updated plan with Nasdaq confirming its submission schedule by December 19.

The company’s inability to file its quarterly results casts substantial doubt on BBIG stock. The delay gives the image of an undisciplined and unreliable management team.

During the first quarter of this year, Vinco reported revenue of $11.5 million, up 349.7% year-on-year (YOY). This was largely due to the acquisition of AdRizer, which focuses on automating artificial intelligence to drive “digital advertising analytics and programmatic media buying.” Vinco purchased the company for $38 million in cash and up to 10 million shares of BBIG common stock issuable on January 1, 2024.

Meanwhile, Vinco remains massively unprofitable, posting a net loss of $372.9 million in the first quarter, equivalent to earnings per share (PES) loss of $3.05. That’s down from a net loss of $62.5 million in the first quarter of 2021. The company attributed the massive loss to “accounting warrant requirements,” which accounted for 87% of the loss.

Since the first quarter, investors have been kept in the dark about corporate finances. If all goes well, investors should receive a much-needed update by January 30.

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At the date of publication, Eddie Pan held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

Eddie Pan specializes in institutional investments and insider trading. He writes for InvestorPlace’s Today’s Market team, which focuses on the latest news on popular stocks.

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