Vivakor Inc (VIVK) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Vivakor, Inc. secured a $1,000,000 loan on December 5, 2023, from a non-affiliated individual lender, promising 100,000 restricted common stock shares in return. The loan, which carries a 10% annual interest rate and is due by December 31, 2024, is personally guaranteed by the CEO, James Ballengee. Further details of the loan agreement will be disclosed in the Company’s Annual Report.
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For a comprehensive understanding of the announcement, you can read the full document here.