Bakkt Holdings, Inc., a Delaware-based company, filed an amendment to its Form S-3 registration statement with the Securities and Exchange Commission (SEC) on February 7, 2024. The filing pertains to the potential sale of up to 7,140,808 shares of Class A common stock, issuable upon the exercise of warrants at a price of $11.50 per share. These warrants were initially issued as part of the units in Bakkt's initial public offering. The company will only receive proceeds from the exercise of the warrants if they are exercised for cash. However, the exercise price is significantly higher than the closing price of Bakkt's Class A common stock on the NYSE as of February 5, 2024, which was $1.29 per share. This price discrepancy suggests that...Show More

Bakkt Holdings, Inc., a Delaware-based company, filed an amendment to its Form S-3 registration statement with the Securities and Exchange Commission (SEC) on February 7, 2024. The filing pertains to the potential sale of up to 7,140,808 shares of Class A common stock, issuable upon the exercise of warrants at a price of $11.50 per share. These warrants were initially issued as part of the units in Bakkt's initial public offering. The company will only receive proceeds from the exercise of the warrants if they are exercised for cash. However, the exercise price is significantly higher than the closing price of Bakkt's Class A common stock on the NYSE as of February 5, 2024, which was $1.29 per share. This price discrepancy suggests that it is unlikely warrant holders will choose to exercise their warrants. The registration statement also includes details about the company's acquisition of Apex Crypto LLC, now known as Bakkt Crypto Solutions, LLC, which was completed on April 1, 2023. This acquisition is expected to enhance Bakkt's platform capabilities and expand its range of crypto assets and services. Bakkt Holdings, Inc. is listed on the NYSE under the ticker symbol 'BKKT' and identifies as an emerging growth company.