Bakkt Holdings, Inc., a Delaware-based company, filed an Amendment No. 2 to Form S-3 with the Securities and Exchange Commission (SEC) on February 14, 2024. The filing pertains to the registration of 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 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 the warrants will...Show More

Bakkt Holdings, Inc., a Delaware-based company, filed an Amendment No. 2 to Form S-3 with the Securities and Exchange Commission (SEC) on February 14, 2024. The filing pertains to the registration of 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 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 the warrants will be exercised unless the market price of the common stock increases. Bakkt Holdings, which operates a platform for cryptocurrency and loyalty point redemption, completed the acquisition of Apex Crypto LLC, now known as Bakkt Crypto Solutions, LLC, on April 1, 2023. This acquisition is expected to enhance Bakkt's crypto asset trading services. Despite these developments, Bakkt Holdings has disclosed concerns about its ability to continue as a going concern, citing ongoing losses and cash consumption, with insufficient funds to sustain operations for the next 12 months without additional capital.