Current Report Filing (8-k)
16 November 2022 - 2:21PM
Edgar (US Regulatory)
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2022-11-11
2022-11-11
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xbrli:shares
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November
11, 2022
VINCO
VENTURES, INC.
(Exact
name of registrant as specified in charter)
Nevada |
|
001-38448 |
|
82-2199200 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
Address
Not Applicable(1) |
|
Address
Not Applicable(1) |
(Address
of principal executive offices) |
|
(Zip
Code) |
(866)
900-0992
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4© under the Exchange Act (17 CFR 240.13©(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value per share |
|
BBIG |
|
The
Nasdaq Stock
Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
(1)
We are a remote-friendly company, with several hubs and locations for employees to collaborate. Accordingly, we do not maintain
a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and Securities Exchange
Act of 1934, as amended, stockholder communications required to be sent to our principal executive offices may be directed to the email
address set forth in our proxy materials and/or identified on our investor relations website.
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.05 Costs Associated with Exit or Disposal Activities
On
November 11, 2022, the management of Vinco Ventures, Inc. (the “Company”) executed a Board-approved reduction-in-force plan
to reduce operating costs and better align its workforce expenses with the needs of its business.
Under
this plan, the Company reduced its workforce by 39 employees (approximately 65%). The Company expects that the workforce reduction will
decrease its annual operating costs by approximately $4.9 million.
In
connection with the restructuring, the Company estimates that it will incur aggregate restructuring charges of approximately $48 thousand,
which will be recorded in the fourth quarter of 2022, related to one-time employee-related benefit costs. The Company may also incur
additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.
This
Item 2.05 contains forward-looking statements, including, but not limited to, statements related to the expected costs associated with
termination benefits and the financial impact of the reduction in force. These forward-looking statements are based on the Company’s
current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of
events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties,
which include, without limitation, risks related to cost reduction efforts. In addition, the Company’s workforce reduction costs
may be greater than anticipated and the workforce reduction may have an adverse impact on the Company’s development activities.
A further description of the risks and uncertainties relating to the business of the Company is contained in the Company’s Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the Securities and Exchange Commission , and the Company’s
subsequent current reports filed with the SEC. The Company undertakes no duty or obligation to update any forward-looking statements
contained in this Item 2.05 as a result of new information, future events or changes in its expectations.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
November 16, 2022
VINCO
VENTURES, INC. |
|
|
|
|
By: |
/s/
Brendan Bosack |
|
Name: |
Brendan
Bosack |
|
Title: |
Chief
Financial Officer |
|
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