Vivakor, Inc. (NASDAQ:VIVK) shares fell sharply in after-hours trading on Tuesday after the company announced a 1-for-20 reverse stock split that is set to take effect later this week.
Vivakor closed Tuesday’s regular session at $0.30, down 1.76%. In after-hours trading, the stock dropped another 31.30% to $0.21.
Vivakor is an integrated energy services company that provides oil transportation, storage, reuse and remediation services across the U.S.
Reverse Split Announced
Vivakor said its board approved a 1-for-20 reverse stock split of the company’s issued and outstanding common stock. The reverse split is expected to become effective at the opening of trading on the Nasdaq Capital Market on July 17 under the existing ticker symbol VIVK.
