Vivakor, which provides soil remediation services focused on hydrocarbon extraction, announced terms for its Nasdaq uplisting on Thursday. The company is currently listed on the OTC under the symbol "VIVK."
The South Salt Lake City, UT-based company plans to raise $8 million by offering 1.5 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, Vivakor would command a fully diluted market value of $81 million.
Vivakor operates, acquires, and develops clean energy technologies and environmental solutions, specializing in the remediation of soil and the extraction of hydrocarbons. The company's process allows it to recover hydrocarbons from soil, which its believes can then be used to produce asphaltic cement and other petroleum-based products. In 2015, the company acquired and improved technology aimed at remediating contaminated soil and recovering usable hydrocarbons, which its calls Remediation Processing Centers, each of which has the potential to clean a minimum of 20 tons of contaminated material per hour.
Vivakor was founded in 2006 and booked $1 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol VIVK. EF Hutton is the sole bookrunner on the deal.
