Vivakor Inc. (NASDAQ:VIVK) surged 40.98% to $0.072 in after-hours trading on Wednesday after the oil and environmental services firm disclosed regulatory and financial developments.
Check out the current price of VIVK stock here.
The 8-K report, filed with the U.S. Securities and Exchange Commission (SEC), announces material events that investors need to know between quarterly reports.
Nasdaq Listing Deficiency
The Texas-based company recently received notice from Nasdaq’s Listing Qualifications Department that it failed to comply with Listing Rule 5635(d), which requires shareholder approval for transactions issuing 20% or more of outstanding shares below the minimum price.
The determination is based on two October registered direct offerings:
| Date | Shares Issued | Warrants Issued | Price per Share |
|---|---|---|---|
| Oct 24 | 10,909,090 | 5,000,000 | $0.22 |
| Oct 30 | 10,600,000 | 3,566,666 | $0.18 |
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Vivakor has 45 calendar days to submit a compliance plan.
According to the SEC filing, if accepted, Nasdaq can grant extensions of up to 180 days. The notice does not immediately affect the company's Nasdaq Capital Market listing.
Vivakor plans to submit a plan and is seeking shareholder approval for both offerings.
Last week, the company received eight conversion notices from lenders, converting $507,172.86 of amounts owed under the lender notes into 15.42 million common shares.
The notes were originally issued in June with an aggregate principal of $5.11 million.
Trading Metrics
The stock's Relative Strength Index (RSI) stands at 26.39.
VIVK has dropped 95.64% over the past 12 months, reflecting a persistent bearish trend and signaling caution for traders.
With a market capitalization of $9.02 million, Vivakor has a 52-week trading range between $0.05 and $1.49.
Trading at just 0.07% of its 52-week range, the stock of the energy services company is extremely close to its low, underscoring continued downside pressure and potential resistance for any recovery.
Price Action: The stock closed regular trading down 14.57% at $0.051, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicates VIVK stock has a negative price trend across all time frames. Track the performance of other players in this segment.
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