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Vivakor, Inc. (NASDAQ:VIVK) disclosed this week that it has amended the rights of its Series A Preferred Stock and issued new shares of common stock to satisfy dividend obligations, debt, and consulting services, according to a statement based on a recent SEC filing.
On Monday, the company entered into a Debt Satisfaction and Preferred Stock Amendment Agreement with holders of its Series A Preferred Stock. Under this agreement, holders agreed to forgo their 6% annual dividend from April 30, 2026, to April 29, 2027. In exchange, Vivakor amended the Series A Preferred Stock Certificate of Designation to grant voting rights to these shares.
Following the amendment, holders of the Series A Preferred Stock now control approximately 96,731,000 votes, representing about 35% of Vivakor’s outstanding votes as of the agreement date. The filing also notes that at the company’s annual meeting on September 11, 2025, stockholders approved a potential conversion of Preferred Stock into Common Stock that could exceed 19.99% of the company’s outstanding common shares, should the board and management choose to proceed.
As part of the agreement, James Ballengee, Vivakor’s Chief Executive Officer and board member, agreed to extinguish $569,589.04 owed to him under a convertible promissory note.
On Tuesday, Vivakor issued a total of 3,616,310 shares of restricted common stock to holders of Series A Preferred Stock as payment for dividends owed for July 31 and October 31, 2025. Of these, 1,889,590 shares were issued to entities controlled by CEO James Ballengee or their assignees. The company also issued 1,557,808 shares to a consultant under a consulting agreement and 82,500 shares to an investor as inducement shares under a previously disclosed securities purchase agreement. All issuances were made as unregistered sales under Section 4(a)(2) of the Securities Act.
The company’s common stock is listed on The Nasdaq Stock Market LLC. All information is based on a press release statement contained in Vivakor’s Form 8-K filed with the SEC.
In other recent news, Vivakor, Inc. reported a 7% increase in third-quarter revenue, reaching $17.0 million compared to the previous year. The company’s gross profit surged by 173% to $4.7 million, with an expanded gross margin of 27.8%. Vivakor also completed a significant transaction involving Liquid Petroleum Gas valued at approximately $23 million using its $40 million Intermediation Credit Facility. Additionally, the company issued 4,848,827 shares of common stock following the conversion of convertible promissory notes totaling $180,467.07 in principal and interest. In another development, Vivakor has rescheduled the payment date for its special dividend to December 31, 2025, due to the ongoing government shutdown. The company is set to hold a Special Meeting of Shareholders on December 22, 2025, at its Dallas location. These recent developments reflect Vivakor’s ongoing strategic activities and financial adjustments.
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