Vinco Ventures Inc. filed SEC Form 8-K: Other Events
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Item 8.01 Other Information
On February 2, 2023, VVIP Ventures, LLC, a Delaware limited liability company (“VVIP”) entered into an asset purchase agreement (the “Agreement”) with a360 Media, LLC (“A360”) to acquire certain publishing assets of A360, VVIP was created to acquire the A360 assets and was set up as a joint venture between Vinco Ventures, Inc. (the “Company”) and ICON Publishing. The Company received a 51% equity interest in VVIP in consideration for its prospective obligation to provide up to $38 million in financing for this acquisition. Current management of the Company has completed its review of the proposed acquisition and based on the results of this review, concluded that completing this transaction, as originally proposed, is not in the best interests of the Company. As a result, the asset purchase agreement expired pursuant to its terms and on June 12, 2023, VVIP received notice of termination of the asset purchase agreement from the A360 entities, effective immediately.
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: June 16, 2023
| VINCO VENTURES, INC. | ||
| By: | /s/ Chris Polimeni | |
| Name: | Chris Polimeni | |
| Title: | CFO/COO | |