Summary by Futu AI
On April 23, 2024, Bakkt Holdings, Inc. conducted a special meeting where stockholders voted on two key proposals. The first proposal, the NYSE Issuance Proposal, received approval to issue shares and warrants to Intercontinental Exchange Holdings, Inc. as part of a securities purchase agreement. The second proposal approved a reverse stock split of Bakkt's common stock at a 1-for-25 ratio, aimed at increasing the per-share price to comply with NYSE listing requirements. The reverse stock split was effective as of the close of trading on April 26, 2024, with shares expected to begin trading on an adjusted basis on April 29, 2024. In conjunction with the reverse stock split, the number of authorized shares of common stock will be proportionately reduced. The company completed the sale and issuance of shares and warrants to ICE on April 25, 2024, raising approximately $7.6 million for working capital and other corporate purposes. Adjustments will be made to outstanding warrants and equity awards, and cash will be paid in lieu of fractional shares resulting from the split.