On February 12, 2024, Bakkt Holdings, Inc. received comments from the United States Securities and Exchange Commission (SEC) regarding Amendment No. 1 to their Registration Statement on Form S-3, which was initially filed on February 7, 2024. The SEC's letter to CEO Gavin Michael requested that Bakkt Holdings address concerns related to their going concern disclosure for the quarter ended September 30, 2023. The SEC specifically asked for a revision of the Prospectus Summary to include details about the conditions that cast substantial doubt on the company's ability to continue as a going concern, an evaluation of these conditions, and management's plans to mitigate these risks. Additionally, the SEC requested information on Bakkt Holdings' current liquidity position, sources of liquidity, and the anticipated uses...Show More

On February 12, 2024, Bakkt Holdings, Inc. received comments from the United States Securities and Exchange Commission (SEC) regarding Amendment No. 1 to their Registration Statement on Form S-3, which was initially filed on February 7, 2024. The SEC's letter to CEO Gavin Michael requested that Bakkt Holdings address concerns related to their going concern disclosure for the quarter ended September 30, 2023. The SEC specifically asked for a revision of the Prospectus Summary to include details about the conditions that cast substantial doubt on the company's ability to continue as a going concern, an evaluation of these conditions, and management's plans to mitigate these risks. Additionally, the SEC requested information on Bakkt Holdings' current liquidity position, sources of liquidity, and the anticipated uses and timing of these funds. The SEC also inquired whether Bakkt Holdings considered updating any other disclosures in light of the going concern doubts. Bakkt Holdings was instructed to update their incorporation by reference section to include their recently filed Form 10-Q/A and to respond to the SEC's comments by amending their registration statement and providing the requested information.