Cryptyde soon to start trading under the new ticker symbol TYDE. The long-awaited distribution date for Vinco Ventures (BBIG) is here today as the company spins off its (TYDEV) business.
Shareholders of record on May 18 are entitled to receive shares of TYDEV on a 10:1 basis relative to BBIG stock.
Despite the highly-anticipated stock dividend, BBIG dropped with the overall market today. Nasdaq closed the day down 0.03%
Vinco Ventures (NASDAQ:BBIG) has attracted a huge following of loyal investors that are very excited about today, the announced distribution date for blockchain and connectivity-focused Cryptyde (NASDAQ:TYDEV).
After the dividend distribution, Vinco will continue to trade as BBIG stock. BBIG was also added to the Russell 3000 Index on June 27. The index tracks the 3,000 largest stocks in the U.S. and will provide the company with increased liquidity and exposure. Membership lasts one year and will be up for review after that.
According to a filing received by the U.S. Securities and Exchange Commission (SEC), BHP purchased 1.5 million shares of TYDEV on June 16. After the purchase, BHP now has a 7.9% stake in the company. In addition, BHP used a 13G form for the transaction. This means that the firm seeks to maintain a passive position in the company.
Based on a 13G filing from February of last year, BHP also owns 1.71 million shares of BBIG stock, which translates to a 9% stake.
According to Vinco’s press release, BBIG shareholders of record on May 18, 2022 are entitled to receive one share of TYDEV for every 10 shares of BBIG owned. Cryptyde will eventually trade under the ticker symbol TYDE. The press release did not mention when this change will occur since as of this writing, Cryptyde still trades under TYDEV.
This move will potentially help unlock value and facilitate the ZASH-Vinco merger.
Lomotif is being seen as a power move and “considered” a top rival to TikTok. So far, more than 225 million creators worldwide have downloaded and used Lomotif and Momentum looks to be building. In India alone, where TikTok is banned, Lomotif has more than 40 million active users.
Through Lomotif, Vinco is set to become one of the top global, pure-play video-sharing social networking platforms owned by a U.S. publicly traded company, competing with TikTok and Kuaishou.
Shares of NASDAQ:BBIG closed at $1.96 down 4.83% and the downside was highly anticipated by many market participants, VipLiveAlerts-Pro included. Typically, when shares go ex-dividend, the market corrects their valuation to basically reflect that new shareholders will not receive the payout, be it cash or equity.
Trader’s are speculating on the potential of a multibillion-dollar valuation, yet Vinco’s market cap is only $459.29 million. We will not know what the future holds for TYDE and BBIG stock until further updates from the company are giving. Vinco and Cryptyde will soon be separate entities.
VipLiveAlerts-Pro.com first alerted BBIG at $3.00 with shares seeing a high of $12.49 for over 262.53% profits! We then shared another swing idea at the low $2.16 with shares seeing a high of $5.49, this time with a hold on some all profit remaining shares and the new swing position so we can lock in another few thousand on distribution.
Moving forward, Cryptyde will utilize Vinco’s acquisition-based business model, specifically focusing on blockchain, cryptocurrency and Web 3.0 opportunities that are tied to consumer-facing industries. Cryptyde will also provide crypto mining equipment.
We believe the future is bright for Vinco and Tyde share holders, regardless of this being a bad time for cryptocurrencies. Cryptyde will be creating innovative new Web3 businesses using blockchain technologies including NFTs, Smart Contracts, Metaverse and Crypto.
Through their Web3 products business line, they will seek to acquire and build brands that use decentralized blockchain technologies in a variety of consumer facing industries, such as music, movies, digital art, ticketing and event services and gaming.
The Bitcoin mining services will aim to make Bitcoin mining accessible to consumers previously priced out of the field. Interested in learning more about about Cryptyde and Web3? You can visit their website now at Cryptyde
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