India, July 17 -- Shares of Vivakor, Inc. (VIVK) are slipping about 47 percent on Friday morning, possibly due to the company's 1-for-20 reverse stock split of its issued and outstanding common stock coming into effect on July 17.
Shares of the company tanked 47.44 percent to $2.23 on the Nasdaq, compared with the previous closing price of $4.11. The stock has traded in a 52-week range of $2.1134 to $5,028.6099.
In an earlier announcement, the company stated that the reverse stock split is intended to increase the per-share trading price of the company's common stock and support the company's continued listing on the Nasdaq Capital Market.
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