Vivakor, which provides soil remediation services focused on hydrocarbon extraction, raised $8 million by offering 1.6 million shares at $5, within the range of $4.50 to $6.50. The company offered 0.1 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol VIVK. EF Hutton acted as sole bookrunner on the deal.
