Shares of the Vinco Ventures, Inc. (BBIG) stock soared today after the announcement of the acquisition of AdRizer. BBIG stock price saw an uptrend of 7.88% to reach $5.40 a share at the time of this writing. The stock was red in the previous trade and went low by 9.57% at closing.
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Vinco Ventures, Inc founded in 2017 engaged in the research and development of consumer products, as well as manufacturing and sales in North America, Asia Pacific, and Europe. Let’s dig in to explore more of it.
BBIG stock and ZASH Global Media and Entertainment through their Joint Venture, ZVV Media Partners today reported that it has entered into the binding letter of intent in order to acquire AdRizer for $108 million. AdRizer is the leading publisher as well as an analytic solution that mainly focuses on revenue attribution. Lomotif platform will integrate AdRizer platform for ad placement revenue like other platforms such as Google ad words and Facebook ads manager. The payment for the acquisition will be $25 million in cash and remaining in the form of ZASH equity, common stock.
In 2020, AdRizer maintained its progress and reported approximately $37 million in revenue. It is anticipating achieving $62+ million in revenue in the ongoing year. AdRizer will maintain its lead role via its ad proprietary platform which will empower the businesses and creators alike through incredible opportunities.
Financial View of BBIG stock:
In the second quarter of 2021, Vinco stock reported $2.69 million in revenue, lower than $5.17 million revenue from the same period of the previous year. This represents a 47.97% decrease year-over-year. BBIG stock reported $5.26 million in revenue for the six months ended June 30, 2021. The six months revenue for 2020 was $7.13 million. The decrease in the revenue was attributable to low sales of Personal Protective Equipment in the Edison National Medical division.Net loss for the three- and six-month period of 2021 was $183.89 million and $246.14 million respectively. Gross profit for the BBIG stock decreased by $198,424 for the recently reported quarter as compared to gross profit in Q2,2020. The six months gross profit for 2021 increased by 7.04% as compared to six months gross profit of 2020. The gross margin increased by 36.06% and 35.81% for the three and six months ended June 30, 2021, compared to respective periods in 2020.
The recent acquisition announcement has made the BBIG stock bullish today in the intraday trading session today. BBIG stock has progressed well in 2021 as its per-share price gained almost 338% year to date.