- BBIG stock closes 5% lower on Wednesday at $1.97.
- Cryptyde set to launch under the ticker TYDE.
- BBIG holders get 1 TYDE share for every 10 BBIG shares held.
UPDATE: BBIG stock is crashing on Thursday. Only a day after Vinco Ventures finally separated from Cryptide, which was much awaited from shareholders, BBIG shares are down nearly 37% to $1.25. TYDE is trading down 65% at $2.20. It seems this meme stock – loved by retail, hated by institutions – is dead in the water.
Finally, after some delays, BBIG holders got their bonus spin-off shares in TYDE on Wednesday. The deal had been delayed. BBIG holders had to wait since late May to get their bonus 1-for-10 offer.
BBIG Stock News: TYDE stock distributed to shareholders
Shareholders in BBIG on the record date of May 18 who held those shares had expected the distribution to occur on May 27. However, that distribution was delayed, and BBIG stock fell sharply. Now though the distribution has gone through and TYDE will soon begin trading on the Nasdaq. As of yet, we do not have the first day of trading. We would assume it is imminent, but as of yet the Nasdaq website has not updated to reflect this and shows it as common stock when issued. However, TYDE is already trending across social media. Cryptyde and Vinco Ventures will now be two distinct companies. Cryptyde (Nasdaq: TYDE) is comprised of three business areas: packaging, Bitcoin mining and Web 3. Web 3 is focused on using blockchain technology in the video game and music industry.
We have previously been quite negative toward BBIG stock and again have highlighted some of its filings.
- "As of December 31, 2021, Lomotif had not generated any significant revenues and is likely to continue to experience significant net losses for the foreseeable future."
- "A substantial number of shares of our common stock may be issued upon conversion of our outstanding convertible notes or exercise of our outstanding warrants, and such issuances and any other equity financing we may conduct may significantly dilute our stockholders."
- "$33,000,000 will be due in July 2022, and the remaining $80,000,000 will be due in July 2023."
- "The warrants we issued in November and December 2021 contain certain provisions, which provide that we shall seek to obtain a stockholder approval to increase our authorized shares of common stock to at least 400,000,000."
We have even less information about Cryptyde, but clearly the Bitcoin mining space is a challenging environment currently. Reports that the cost of mining is exceeding the cost of Bitcoin have circulated with Bitcoin falling below $20,000. This is reportedly leading to some mining operations selling for below cost.
We also note the offering prospectus from June 22, so there is the potential for dilution.
BBIG Stock Forecast: Has the TYDE gone out for BBIG?
Now that the spin-off has been distributed, BBIG stock is trading 21% lower in Thursday's premarket at $1.54 at the time of writing. We remain negative with each spike failing at lower and lower levels.
BBIG stock, daily
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD rebounds from multi-week lows, trades above 1.0750
EUR/USD came under heavy bearish pressure and declined to its weakest level in three weeks below 1.0750 on Friday after the stronger-than-expected Nonfarm Payrolls data. Week-end flows, however, helped the pair erase its daily losses.
GBP/USD remains on track to snap three-week winning streak
GBP/USD recovered toward 1.2550 after coming in within a touching distance of 1.2500 in the second half of the day after Nonfarm Payrolls came in at 199,000 for November. Despite the recent rebound, the pair remains on track to snap a three-week winning streak.
Gold retreats below $2,020 as US yields push higher
Gold broke below its daily range and declined toward $2,010 with the immediate reaction to the upbeat US November jobs report. Although XAU/USD managed to recover toward $2,020, rising US Treasury bond yields triggered another leg lower.
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States.
The week ahead – Fed, ECB and Bank of England rate decisions
When the Federal Reserve kept rates unchanged back in November for the second meeting in a row there was still the distinct possibility that the final meeting of 2023 would provide the possibility of one more rate rise to round off the year in line with Fed policymakers dot plot forecasts of 5.6%.