Vivakor, Inc. - VIVK STOCK NEWS

Vivakor, Inc. (NASDAQ:VIVK) received a notice from Nasdaq on April 20, 2023, for failing to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2022. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately impact the trading of its securities. Vivakor must submit a plan to regain compliance within 60 days from the notice date and may receive an extension of up to 180 days, until October 16, 2023, if accepted. The company aims to file its Form 10-K promptly, prior to the plan submission deadline. Vivakor focuses on clean energy solutions, particularly in oil remediation, operating subsidiaries that engage in crude oil gathering and environmentally friendly recovery of hydrocarbons.

Vivakor, Inc. (NASDAQ:VIVK) has announced the establishment of a new Board of Directors, enhancing its governance with independent directors who possess extensive experience in the oil and gas industry and capital markets. The board consists of John R. Harris, Albert Johnson, David Natan, and CFO Tyler Nelson. Each member brings valuable expertise in public company operations, midstream and downstream sectors, and financial management. This restructuring aims to bolster Vivakor's strategy in navigating capital markets and advancing its clean energy technologies.

Vivakor, Inc. (NASDAQ: VIVK) reported a remarkable 1,118% increase in revenue to $11.8 million for Q3 2022 compared to the same period last year, driven by oil and natural gas liquid sales from acquisitions. The company's gross profit rose to $1.2 million, with a gross margin of 10.3%. Additionally, the net loss decreased 46% to $1.6 million. Following the quarter, prominent oil industry expert James Ballengee was appointed as CEO. Vivakor's pro-forma revenue for the nine months ended September 30, 2022 is $47.7 million, reflecting combined results from acquisitions.

Vivakor Appoints New CEO

Vivakor, Inc. (NASDAQ:VIVK) has announced the appointment of oil industry veteran James Ballengee as Chief Executive Officer and Chairman of the Board. With over 20 years in the energy sector, Ballengee's leadership is expected to drive growth following Vivakor's recent acquisition of Silver Fuels Delhi, LLC and White Claw Colorado City, LLC for $37.4 million, which generated $33 million in revenue in 2021. Under his guidance, Vivakor aims to enhance its focus on environmentally friendly technologies while expanding its midstream oil and gas capabilities.

Vivakor announced successful acquisitions of Silver Fuels Delhi and White Claw Colorado City for $37.4 million, strengthening its position in the clean energy and oil remediation sectors. The deal includes long-term contracts that guarantee minimum gross margins and are expected to generate significant annual revenue and positive EBITDA. In 2021, SFD and WCCC generated $33 million in revenue. These acquisitions position Vivakor for growth and enhance its operational capabilities, particularly in oil recovery and environmental solutions.

Vivakor, Inc. (NASDAQ:VIVK) announced a definitive agreement to acquire Silver Fuels Delhi, LLC and White Claw Colorado City, LLC for approximately $37.4 million. The acquisitions, expected to close within 30 days, will enhance Vivakor's operations in crude oil gathering, storage, and transportation, contributing an anticipated revenue boost from SF Delhi's $33 million revenue in 2021. With long-term contracts in place, the deal aims to strengthen Vivakor's infrastructure and market presence in the energy sector, leveraging its patented RPC machine technology for oil remediation.

Vivakor, Inc. (Nasdaq:VIVK) announced its CEO, Matt Nicosia, will present at the LD Micro Invitational XII Investor Conference on June 7, 2022, at 2:30 PM PT (5:30 PM ET) in Westlake Village, California. Nicosia will discuss the company’s remediation processing centers and ongoing projects in Utah and Kuwait. He will also be available for one-on-one meetings. For conference details or to schedule a meeting, contact Mary Manzella at mary@ldmicro.com. Visit www.ldmicro.com for more information.

Vivakor, Inc. (NASDAQ:VIVK) is set to present at the Rocky Mountain Microcap Conference IX on May 25, 2022, at 3:24 PM PT/6:24 PM ET. CEO Matt Nicosia will provide insights into the company's clean energy technologies and environmental solutions. Vivakor focuses on oil remediation and the recovery of hydrocarbons, leveraging patented Remediation Processing Centers that can clean contaminated soils with over 5% oil content. The company operates in Eastern Utah, Kuwait, and Houston, aiming to deliver solid returns to its shareholders.

Vivakor, Inc. (NASDAQ: VIVK) reports a total of $22.6 million in Special Purpose Vehicle (SPV) funding, successfully financing three Remediation Processing Centers (RPCs) without diluting public shareholder equity. The company highlighted its innovative equipment financing structure at the 2022 Mick Law Energy & Global Alts Symposium, aiming to foster new relationships with over 70 financial professionals. CEO Matt Nicosia emphasized their strategy to avoid shareholder dilution while expanding RPC operations focused on environmentally responsible oil remediation.