Why Is Vivakor Stock Rising Today?

• Vivakor announced on Friday that it has entered into securities purchase agreements with a single fundamental institutional investor.
• The agreement is for the purchase and sale of approximately 10.91 million shares of its common stock and five million pre-funded warrants in a registered direct offering.
• The company said that the gross proceeds from the offering would be about $3.5 million, before deducting commissions and offering expenses.

Vivakor Inc. (VIVK) shares jumped nearly 20% by Friday afternoon after the company announced that it has entered into securities purchase agreements with a single fundamental institutional investor.

The company said that the agreement pertains to the purchase and sale of approximately 10.91 million shares of its common stock and five million pre-funded warrants in a registered direct offering.

Retail sentiment on Vivakor jumped to ‘extremely bullish’ from ‘bullish’ territory compared to a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

Details Of The Direct Offering

Vivakor said that the gross proceeds from the offering would be about $3.5 million, before deducting commissions and offering expenses. The company said the offering is expected to close on or about October 27, with D. Boral Capital acting as the placement agent.

Recent Developments At Vivakor

On Thursday, Vivakor announced the closing of its previously announced $40 million commodity intermediation credit facility with a single wholesaler. The facility is intended to provide additional credit support for the growth and expansion of Vivakor's crude oil trading platform.

Vivakor last week announced that it had entered into a securities purchase agreement with a leading single institutional investor for the purchase and sale of 8.42 million shares of its common stock and 14.69 million pre-funded warrants in a registered direct offering priced at the market under Nasdaq rules. 

Shares of Vivakor have declined 78% in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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