Vinco Ventures chairman urges shareholders to vote for company proposals

Rod Vanderbilt, Executive Chairman of the Board of Directors issued a letter to shareholders outlining the Company’s strategy and providing business execution updates in advance of the 2023 Annual Meeting of Stockholders. The letter read, in part, " Despite the challenges that Vinco has experienced over the past year, our team has been diligently developing and executing on a clear strategy to build a solid foundation for growth and shareholder value creation. With our Annual Meeting coming up on April 27, 2023, I wanted to provide some important updates and background on the business and our strategy. I also want to explain why it is critical that you vote FOR all the Company’s proposals at the Annual Meeting to allow us to pursue the strategy we have laid out to drive growth and enhance the value of your investment. We have a high-quality leadership team and Board in place and are excited to execute on our business strategy. Importantly, we have made substantial progress in removing legacy roadblocks in terms of financial reporting. I am happy to report that we have filed our Quarterly Report on Form 10-Q for the quarter ending September 30, 2022 with the Securities and Exchange Commission ("SEC") on April 10, 2023, reflecting the culmination of months of hard work by our financial team and auditors. The Company is also working expeditiously to complete its 2022 Audit and file its Annual Report on Form 10-K for the year ended December 31, 2022, as soon as possible but not later than June 2, 2023. I am also happy to report that on April 14, 2023, we received a letter from the Nasdaq stating that The Nasdaq Hearings Panel granted our request to continue our listing on The Nasdaq Stock Market. I am also pleased to share that we plan to announce the appointment of a permanent Chief Executive Officer and Chief Financial Officer soon. Please stay tuned for further updates…The estimated annualized revenues from the a360 acquisition, when combined with existing assets of the Company, will be provided for 2023 after we file the 2022 annual report. We intend to keep you updated on potential changes to our guidance as we continue to pursue our strategy of acquiring EBITDA-positive companies. Discussions are ongoing with multiple potential counterparties and we anticipate announcing additional definitive acquisition agreements in the coming months. Executing against our multi-pillar M&A growth strategy will likely affect our estimated annualized revenue and operating income guidance. Your approval of the proposals up for consideration at the Annual Meeting is critical to enable Vinco to successfully execute on our growth and value creation strategy. Approving the a360 acquisition – including the purchase of the National Enquirer – is an essential first step. Further, approving the increase in authorized shares and reverse stock split will give the Company necessary financial flexibility to operate successfully and also address potential NASDAQ-delisting concerns. We also strongly recommend shareholders vote FOR the reelection of our five Board members, who collectively possess the right industry experience and skillsets to oversee the successful execution of the Company’s strategy to unlock value for shareholders."