Is Vinco Ventures (NASDAQ:BBIG) Ready To Bounce Back After The Recent Corrections?
Vinco Ventures (NASDAQ:BBIG), a leading company in selective acquisitions on July 26, 2021 announced acquisition of Lomotif Private Limited, the firm owning Lomotif short form video platform, through its joint venture entity ZVV Media.
This will make ZVV Media a global powerhouse of short form media companies in the marketplace.
Lomotif has millions of installs globally and more than 31 million on-platform monthly active users. LoMo will be the firm’s new name and will be re-positioned in fresh campaign. It is estimated that the combined valuation of the companies will be over $5 billionby June 30. Paul Yang, the founder and CEO of Lomotif, ventured into a five-year employment agreement and was also named Chairman of the Board of Lomotif. The company has content deals with leading social media companies like Snapchat, Facebook and Instagram.
Paul Yang, CEO of Lomotif, said that the acquisition aims to takeLomotif to a higher level and will create new touch points in the entertainment and media industry. He added that stellar growth has been noticed for Zash through marketing and positioning.
Ted Farnsworth, co-founder of ZASH, said that the Lomotifis the key media and entertainment company and the combination of entities will be an amazing and disruptive firm globally, with millions of monthly users allowing it leverage content.
Market Reaction:
On Monday, BBIG stock moved up 5.26% at $3.40 with more than 21.80 million shares, compared to its average volume of 14.25 million shares. The stock has moved within a range of $3.1150 – 3.6500 after opening the trade at $3.18. Over the past 52-week, the stock has been trading within a range of $1.1100 – 9.4000.
