Bakkt Holdings, Inc. has announced the completion of a 1-for-25 reverse stock split of its Class A and Class V Common Stock, effective as of April 29, 2024. The reverse stock split was part of an amendment to the company's certificate of incorporation, which also included a reduction in the number of authorized shares of Common Stock from 1.0 billion to 40.0 million. The adjustment was made to maintain parity with the Class A Common Stock following the reverse stock split. In addition, the company's 2021 Omnibus Incentive Plan and outstanding equity awards were proportionally adjusted to reflect the reverse stock split ratio. The terms of the company's issued and outstanding redeemable public warrants, Class 1 Warrants, and Class 2 Warrants were also adjusted...Show More

Bakkt Holdings, Inc. has announced the completion of a 1-for-25 reverse stock split of its Class A and Class V Common Stock, effective as of April 29, 2024. The reverse stock split was part of an amendment to the company's certificate of incorporation, which also included a reduction in the number of authorized shares of Common Stock from 1.0 billion to 40.0 million. The adjustment was made to maintain parity with the Class A Common Stock following the reverse stock split. In addition, the company's 2021 Omnibus Incentive Plan and outstanding equity awards were proportionally adjusted to reflect the reverse stock split ratio. The terms of the company's issued and outstanding redeemable public warrants, Class 1 Warrants, and Class 2 Warrants were also adjusted accordingly. Intercontinental Exchange Holdings, Inc. (ICE), a significant stockholder and warrant holder of Bakkt Holdings, has entered into the First Amendment to the Limited Liability Company Agreement of Bakkt Opco Holdings, LLC to reflect these changes. The company has also disclosed related person transactions involving ICE affiliates and a board member employed by an ICE affiliate.