Vivakor (VIVK) Stock Surges 75% After $40M Oil Trading Deal – Bulls & Bears Weigh In
In mid-October Vivakor’s stock surged amid fresh corporate deals. On Oct. 15 the company revealed it had signed a non-binding term sheet for a $40M commodity intermediation facilityglobenewswire.com. This arrangement is intended to underwrite letters of credit, bonds or cash deposits to support Vivakor Supply & Trading, LLC’s physical crude oil purchasesglobenewswire.com. CEO James Ballengee said the deal “highlights our growth initiative for Vivakor’s trading segment,” enabling them to integrate more oil volumes across their trucks and facilities and “driv[e] immediate accretive revenue while diversifying and expanding our crude oil marketing operations”globenewswire.com. The facility would have a one-year term and up to $40M in available credit supportglobenewswire.com.