VIVK - Vivakor stock falls 29% in afternoon action trading 44% below IPO price

Vivakor (NASDAQ:VIVK) stock was down 29% in afternoon trading Wednesday and 44% below its Nasdaq initial public offering price of $5 per share. Shares of the cleantech company opened at $3.85, sliding steadily downward to most recently change hands at $2.80 at approximately 3:15 p.m. ET. On Feb. 14, Vivakor offered 1.6M shares as part of its uplisting to Nasdaq, with underwriters granted a 45-day option to purchase up to 240K additional shares to cover any overallotments. The IPO generated gross proceeds of around $8M. The company also conducted a 1-for-30 reverse stock split in conjunction with the uplisting. For a more in-depth look at Vivakor, check out SA contributor Donovan Jones’s “Vivakor Readies $8 Million Uplisting IPO.”

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Vivakor stock falls 29% in afternoon action, trading 44% below IPO price