VIVK - Vivakor shares fall 27% in wake of rally over 10-year cement supply contract

Vivakor (VIVK) stock tumbled 27% on Friday, two days after it more than doubled in value following news that the company had entered into a 10-year supply contract for its cement binder product. VIVK shares opened at $3.02, hitting a high of $3.55 in late morning before dropping to a low $2.42 in late afternoon. The stock recently changed hands at $2.45, down 27%, at approximately 3:00 p.m. ET. Shares of VIVK shot up 114% on April 27 to close at $3.65 after the energy and petroleum-based remediation company announced a long-term supply contract with Hot Oil Transport for Vivakor’s cement binder, which is says is produced in an environmentally friendly manner using waste materials. Vivakor held an $8M initial public offering and uplisted its shares to Nasdaq on Feb. 14. The company offered 1.6M shares for $5 per share.

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Vivakor shares fall 27% in wake of rally over 10-year cement supply contract