Vivakor (NASDAQ:VIVK) Inc, a clean energy technology and asset acquisition company focused on natural resources, has announced the closing of its underwritten public offering of 1.60 million shares at $5 per share, for aggregate gross proceeds of $8 million.
The South Salt Lake City, Utah-based company clarified that the $8 million sum is prior to deducting underwriting discounts, commissions, and other offering expenses.
In addition Vivakor has granted the underwriters a 45-day option to purchase up to an additional 240,000 shares of common stock at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments.
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In a major milestone, the company's shares began trading on the tech-dominated Nasdaq on February 14, 2022, under the symbol "VIVK."
EF Hutton, division of Benchmark Investments LLC, acted as sole book-running manager for the offering. Lucosky Brookman LLP acted as counsel to the company and Sheppard, Mullin, Richter & Hampton LLP acted as counsel to the underwriter in connection with the offering.
A final prospectus relating to the offering was filed with the Securities and Exchange Commission (SEC) and is available on the SEC's website.
Vivakor currently focuses on bitumen (heavy crude) extraction from shallow, oil-laden areas in eastern Utah, along with petroleum-based remediation projects across the globe. The technologies utilized are low-cost, proprietary, and disruptive for the industry.
The company’s business model relies on Vivakor (NASDAQ:VIVK) being an acquisition hub, focused on building and acquiring cash-flowing assets in discrete areas where it has a technological advantage. It mainly acquires, develops and commercializes clean technology solutions.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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