11:36 AM EDT, 03/25/2024 (MT Newswires) -- Vivakor ( VIVK ) said Monday it has agreed to acquire Endeavor Crude, Meridian Equipment Leasing, including its subsidiary CPE MidCon, Equipment Transport, and Silver Fuels Processing for $120 million.

The sellers are Jorgan Development and JBAH Holdings. Jorgan is an affiliate of Vivakor ( VIVK ) Chief Executive James Ballengee, the company said.

Vivakor ( VIVK ) said additional contingent consideration of up to $49 million will be payable to Jorgan if the acquired businesses generate 2024 earnings before interest, taxes, depreciation and amortization in an amount exceeding $12 million. If the Endeavor entities don't generate that $12 million minimum in 2024 EBITDA, up to $49 million of the purchase price will be subject to return by Jorgan to Vivakor ( VIVK ) for cancellation, the company said.

The company expects the deal to close by the end of the fiscal quarter ending June 30.

Vivakor ( VIVK ) shares were down past 19% in recent trading.

Price: 0.72, Change: -0.17, Percent Change: -19.10