Vivakor Inc. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Rhea-AI Summary

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.

Positive

• Company is actively working to file its Form 10-K prior to submission of the compliance plan.
• Vivakor's core business of clean energy and oil remediation remains strong, focusing on environmentally sustainable solutions.
• Potential for Nasdaq to grant an extension of up to 180 days for compliance.

Negative

• Failure to timely file Form 10-K raises concerns about corporate governance and operational transparency.
• Non-compliance with Nasdaq Listing Rule may affect investor confidence and stock price.

LEHI, UT / ACCESSWIRE / April 26, 2023 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, received on April 20, 2023 a standard notice from Nasdaq indicating that, as a result of not having timely filed its annual report on Form 10-K for the fiscal year ended December 31, 2022 (the "Form 10-K"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (the "SEC").

The Nasdaq notice has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Capital Market. The notice informed the Company that it is required to submit a plan to regain compliance with Nasdaq's continued listing requirements within 60 calendar days of from the date of the notice. If Nasdaq accepts the Company's plan, Nasdaq may grant an exception of up to 180 calendar days from the Form 10-K's due date, or until October 16, 2023, to regain compliance.

The Company is working diligently to complete and file its Form 10-K as soon as practicable and anticipates that its 10-K will be filed prior to the date on which the Company is required to submit the Plan.

About Vivakor, Inc.
Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include a crude oil gathering, storage, and transportation facilities, which feature long-term ten year take or pay contracts.

The Company's patented Remediation Processing Centers allows for the environmentally friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than 5% by weight oil contamination while fully recovering the oil and leaving the soil fully viable for reuse. Its Remediation Processing Centers currently focus on extraction from shallow, oil-laden sands in Eastern Utah, along with generating petroleum-based remediation projects in Kuwait and in Houston, Texas.

For more information, please visit our website: http://vivakor.com

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Investors Contact:
P:949-281-2606
info@vivakor.com

ClearThink
nyc@clearthink.capital

SOURCE: Vivakor

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FAQ

What happened to Vivakor on April 20, 2023?

Vivakor received a notice from Nasdaq for failing to file its annual report on Form 10-K in a timely manner.

What is the significance of the Nasdaq notice for VIVK?

The notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely financial report filings.

How long does Vivakor have to regain compliance with Nasdaq?

Vivakor has 60 days to submit a compliance plan and may receive up to 180 days to regain compliance.

What is Vivakor's focus in the clean energy sector?

Vivakor specializes in oil remediation and the development of environmentally friendly technologies.

Will Vivakor's stock be affected by the Nasdaq notification?

The notification does not have an immediate effect on the trading of Vivakor's stock, but it may impact investor confidence.