BKKT - Why Crypto-Related Stock Bakkt Is Falling | Benzinga
Bakkt Holdings Inc (NYSE:BKKT) shares are trading lower by 34% to $0.67 during Thursday’s session after the company announced two securities purchase agreements.
In the first agreement, Bakkt will sell 46,136,102 shares of its Class A common stock at $0.8670 per share, along with warrants, in a registered direct offering to institutional investors. This offering is set to close on March 4.
Simultaneously, Bakkt has entered into a concurrent registered direct offering to an affiliate of Intercontinental Exchange, Inc. (ICE). This offering involves the sale of up to 11,534,025 shares of Class A common stock at the same price. A portion of the ICE Offering, consisting of 2,762,009 shares, is subject to shareholder approval and will close concurrently with the Third-Party Offering.
The remaining shares are pending shareholder approval and are expected to close shortly thereafter. Warrants accompanying these shares have an exercise price of $1.0200 per share and expire after five ...