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Vivakor, Inc. (NASDAQ:VIVK) reported that on Wednesday and Thursday it issued a total of 4,848,827 shares of its common stock following the conversion of outstanding convertible promissory notes by accredited investors and a lender. The information was disclosed in a statement filed with the Securities and Exchange Commission. The micro-cap company, currently valued at just $20.05 million with shares trading at $0.14, has seen its stock price decline by nearly 92% over the past year according to InvestingPro data.
According to the filing, on Wednesday and Thursday, two holders of convertible promissory notes converted a combined $180,467.07 of principal and interest into 2,920,639 shares of common stock. These notes were originally issued between May 14 and May 19, 2025, as part of a securities purchase agreement totaling $575,000 in principal, with Vivakor receiving $500,000 before fees.
In a separate transaction, on Thursday, Vivakor received a notice of conversion from J.J. Astor & Co. to convert $123,693.24 of principal from a junior secured convertible promissory note into 1,928,188 shares of common stock. This note was originally issued on March 17, 2025, in the principal amount of $6,625,000, with Vivakor receiving $5,000,000 before fees. The company stated that this conversion fully satisfied its obligations under the note.
All shares were issued without a Rule 144 restrictive legend, based on a legal opinion provided to Vivakor and its transfer agent. The company noted that the issuances were exempt from registration under Section 4(a)(2) of the Securities Act, as the recipients are accredited investors familiar with Vivakor’s operations.
Vivakor is incorporated in Nevada and is listed on the Nasdaq Capital Market. The company faces significant financial challenges, with a current ratio of 0.12 indicating short-term obligations exceed liquid assets, and weak gross profit margins of 16.3%. Despite these challenges, InvestingPro analysis suggests the stock is trading below its Fair Value, with a low Price/Book ratio of 0.32. Investors should note that Vivakor’s next earnings report is expected on November 26. This article is based on a press release statement filed with the SEC.
In other recent news, Vivakor reported a 7% increase in third-quarter revenue, reaching $17.0 million compared to the same period last year. The company’s gross profit rose significantly by 173% to $4.7 million, with an expanded gross margin of 27.8%. Additionally, Vivakor completed its first major Liquid Petroleum Gas (LPG) trade valued at approximately $23 million through its commodities trading platform, utilizing a $40 million Intermediation Credit Facility. In another development, Vivakor rescheduled the payment date for its special dividend to December 31, 2025, due to an ongoing government shutdown impacting necessary communications with the Securities and Exchange Commission. The company also announced a registered direct offering, expected to generate $2.7 million in gross proceeds through securities purchase agreements with a single institutional investor. This offering includes 13,000,000 shares of common stock and 2,000,000 pre-funded warrants. D. Boral Capital LLC is acting as the exclusive placement agent for the transaction.
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