Bakkt Holdings, Inc. (BKKT), a digital asset technology company, on Monday announced that it has agreed to acquire Distributed Technologies Research Ltd., a stablecoin payment infrastructure provider, in an all-stock transaction.
The transaction is subject to customary closing conditions.
Under the definitive agreement, the company will issue shares of its Class A stock representing 31.5% to DTR shareholders.
Based on the current Bakkt Share Number, this would result in the issuance of about 9.13 million Class A shares, including to DTR's chief executive officer and principal owner, Akshay Naheta, with the final share count to be determined at closing.
The company said the acquisition is expected to accelerate its time-to-market for stablecoin settlement, reduce reliance on third-party providers, and support future revenue generation across payments and banking use cases.
Further, the company said it plans to change its corporate name to "Bakkt, Inc." effective January 22, while continuing to trade on the New York Stock Exchange under the ticker symbol BKKT.
In the pre-market trading, Bakkt is 0.12% higher at $16.30 on the New York Stock Exchange.
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