Vivakor announces $5M registered direct offering

Vivakor (VIVK) announced that it has entered into a securities purchase agreement with a leading single fundamental institutional investor for the purchase and sale of 8.42M shares of its common stock, and 14.69M pre-funded warrants, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about October 17, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from the offering were approximately $5M before deducting placement agent fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for working capital and general corporate purposes. D. Boral Capital is acting as exclusive placement agent for the offering.