Bakkt Holdings, Inc. (BKKT) has recently disclosed its engagement in two securities purchase agreements.
The first registered direct offering agreement is aimed at institutional investors and involves the sale of 46,136,102 shares of its Class A common stock, along with pre-funded warrants priced at $0.8670 per share each. The pre-funded warrants can be exercised immediately without any expiration date. The Offering is expected to close on March 4, 2024.
The second registered direct offering agreement relates to the sale of a maximum of 11,534,025 shares of its Class A common stock, along with its accompanying warrants to an affiliate of Intercontinental Exchange, Inc. (ICE) at the same pricing terms.
The total gross proceeds from the Offering and the initial closing of the ICE Offering are estimated to be approximately $42.4 million. Assuming stockholder approval is obtained, the gross proceeds from the subsequent closing of the ICE Offering are projected to be around $7.6 million. These offerings are carried out under Bakkt's shelf registration statement, which became effective on February 14, 2024.
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