Vivakor, Inc. (NASDAQ:VIVK) shares fell sharply in after-hours trading on Tuesday after the company announced a 1-for-20 reverse stock split that is set to take effect later this week.
Vivakor closed Tuesday’s regular session at $0.30, down 1.76%. In after-hours trading, the stock dropped another 31.30% to $0.21.
Vivakor is an integrated energy services company that provides oil transportation, storage, reuse and remediation services across the U.S.
Reverse Split Announced
Vivakor said its board approved a 1-for-20 reverse stock split of the company’s issued and outstanding common stock. The reverse split is expected to become effective at the opening of trading on the Nasdaq Capital Market on July 17 under the existing ticker symbol VIVK.
The company said the move is intended to increase its per-share trading price and support its continued listing on the Nasdaq Capital Market.
Following the reverse split, every 20 outstanding common shares will automatically be combined into one share, reducing the company’s outstanding shares from approximately 13.34 million to about 667,200, while the number of authorized shares will remain unchanged.
Vivakor said shareholders who would otherwise receive fractional shares will instead receive one whole share, with no fractional shares being issued.
Trading Metrics
Vivakor has a market capitalization of approximately $1.28 million, with a 52-week high of $260.00 and a 52-week low of $0.25.
Over the past 12 months, VIVK shares have declined 99.80%.
Benzinga Edge Stock Rankings indicate VIVK has a negative price trend across the short, medium and long term.
Photo: Who is Danny / Shutterstock
Login to comment