Corporate ActionJul 10, 2026, 05:32 PM
Vivakor Reduces Debt by $500K; Reinstates Preferred Dividends
AI Summary
Vivakor, Inc. entered into an amendment agreement to reinstate its Series A Preferred Stock 6% annual dividend from April 30, 2026, to April 29, 2027, and issue dividend shares. In exchange, Ballengee Holdings, LLC, an entity controlled by the CEO, agreed to extinguish $500,000 owed under a Promissory Note. The company will issue 3,740,586 shares of restricted common stock for these dividends, with a significant portion going to entities controlled by the CEO.
Key Highlights
- Vivakor amended its Debt Satisfaction and Preferred Stock Amendment Agreement.
- Ballengee Holdings, LLC (controlled by CEO) to extinguish $500,000 of debt owed by Vivakor.
- Vivakor to reinstate Series A Preferred Stock 6% annual dividend from April 30, 2026 to April 29, 2027.
- Company to issue 3,740,586 shares of restricted common stock for dividends owed.
- 1,445,349 of these shares were issued to entities controlled by CEO James Ballengee.
- Dividend shares cover periods April 30, 2026, July 31, 2026, and October 31, 2026.
- The issuance of securities was exempt from registration under Section 4(a)(2) of the Securities Act.
Price Impact
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