Vinco Ventures stock surges ahead of Cryptyde spinoff

Vinco Ventures (NASDAQ:BBIG) is one of the few stocks in the green on Wednesday as investors anticipate the spinoff of its Cryptyde arm. As of the market close on Wednesday, Vinco (BBIG +13.6%) shareholders will receive one share of Cryptyde common stock for every 10 shares of Vinco (BBIG) held. A company release adds the share dividend is expected to be distributed “on or about” May 27. The newly separated company is expected to become an independent blockchain technology company “focused on consumer adoption of smart contract technologies” and general “disruption” of consumer-facing industries. After the separation is completed, Cryptyde common stock is expected to trade on the Nasdaq under the ticker "TYDE" while Vinco (BBIG) will continue under the same symbol. Shares of the latter firm popped 18% at intra-day highs, building upon over 30% gains for the full week. The stock was recently featured on SeekingAlpha’s Catalyst Watch.