VIVK - Vivakor shares tumble following Nasdaq uplisting $8M offering 1-for-30 reverse stock split

Cleantech provider Vivakor (NASDAQ:VIVK) saw its shares tumble 31% in early trading Monday after uplisting its shares to Nasdaq, raising $8M, and conducting a 1-for-30 stock split. Shares opened at $3.90 after pricing at $5, sliding to $3.44 before moving higher and briefly halting at around 9:43 a.m. ET. The stock was last trading at $3.75 at approximately 10:40 a.m. ET. Vivakor offered 1.6M shares at $5 per share, raising approximately $8M. Underwriters were give a 45-day option to purchase up to 240K additional shares at the public price. EF Hutton was lead bookrunner for the deal. As part of the uplisting, Vivakor also conducted a 1-for-30 stock split early Monday. Vivakor acquires, develops and commercializes clean technologies, including those targeted at soil remediation, wastewater management and hydrocarbon reclamation.  For more IPO news, check out SA's IPO News page.

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Vivakor shares tumble following Nasdaq uplisting, $8M offering, 1-for-30 reverse stock split