Vivakor (NASDAQ:VIVK) Issues Shares of Common Stock to Complete Acquisition

Vivakor, Inc. recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that they have finalized the acquisition of Endeavor Crude, LLC, Equipment Transport, LLC, Meridian Equipment Leasing, LLC, and Silver Fuels Processing, LLC (collectively referred to as the “Endeavor Entities”). The acquisition was initially detailed in the Membership Interest Purchase Agreement dated March 21, 2024, and amended subsequently.

According to the Membership Interest Purchase Agreement, the total purchase price for the Endeavor Entities amounts to $120 million. This figure is subject to post-closing adjustments, including deductions for assumed debt and potential earn-out adjustments. The Purchase Price is to be paid partly in Company common stock and Company Series A Preferred Stock.

As a result of this agreement, Vivakor issued 6,700,000 shares of Common Stock to the Sellers on December 2, 2024. The distribution included 4,999,500 shares to Jorgan Development, LLC and 50,500 shares to JBAH Holdings, LLC. Additionally, a portion of the shares were allocated to two non-related parties as directed by the Sellers.

The issuance of these securities was exempt from registration under Section 4(a)(2) of the Securities Act as the Sellers are affiliated with an executive officer who is an accredited investor familiar with the company’s operations. The two non-related party recipients are known to the company and management, and are also familiar with the company and its operations.

Vivakor, being an emerging growth company, signifies its intent not to use the extended transition period for complying with new or revised financial accounting standards. The company has placed a cautionary note within the filing regarding forward-looking statements and the uncertainty of actual results compared to future projections.

The chairman, president, and CEO of Vivakor, Mr. James H. Ballengee, exercised due authorization in signing off the report on December 6, 2024. Investors and stakeholders can reference the original Form 8-K filing for full details of this transaction.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vivakor’s 8K filing here.

Vivakor Company Profile

Vivakor, Inc operates, acquires, and develops technologies and assets in the oil and gas industry and related environmental solutions in the United States and Kuwait. The company owns and operates a crude oil gathering, storage, and transportation facility in Delhi, Louisiana. It also owns a crude oil storage tank located near Colorado City, Texas.