VIVK - Socially Responsible Energy Operator Announces Planned Acquisition Sending Shares Higher

2024-03-04 11:56:48 ET

Shares of this socially responsible developer of %CleanEnergy technologies and environmental solutions are on a tear after signing a definitive agreement with a diversified energy company.

In a press release today, %Vivakor (NASDAQ: VIVK) announced that it signed a definitive agreement and merger plan with Empire Diversified Energy, Inc. (OTC: MPIR), a multifaceted holding company with business units in sustainable energy and logistics.

The merger agreement was unanimously approved by the board of directors of each party. Upon a successful closing, Vivakor would acquire all the outstanding shares of Empire common and preferred stock on an as-converted basis for net consideration of 67,200,000 shares of Vivakor common stock, resulting in Empire becoming a wholly-owned subsidiary of Vivakor upon the closing. The closing of the merger is subject to, among other things, stockholder approval of each company.

According to Vivakor Chairman and CEO James Ballengee, "This is a significant milestone for our company and we believe accelerates our vision to build a state-of-the-art, clean energy and remediation technologies company. Upon a successful closing of the Merger, we intend to construct and deploy our fourth Remediation Processing Center (RPC IV) at The Port of West Virginia, where Empire currently operates, as well as integrate our transportation and midstream assets into existing operations.”

Shares of Vivakor were trading up over 20 percent in morning trade.