TechFlow news — Bakkt Holdings, Inc. ("Bakkt") announced that the Form S-3 registration statement previously filed with the U.S. Securities and Exchange Commission (SEC) has been approved by the SEC and became effective on February 14, 2024.
Bakkt stated that, as long as this registration remains effective, the company may raise up to $150 million in aggregate through one or more securities offerings over the next three years, with specific details of any future offerings to be disclosed in subsequent prospectus supplements.
Earlier reports indicated that a spokesperson for Bakkt, the cryptocurrency custody and trading platform, confirmed the company is seeking to sell up to $150 million in securities, potentially alleviating its operating cash shortfall. In filings submitted to the U.S. Securities and Exchange Commission, Bakkt stated: "We do not have sufficient cash and restricted cash to support operations for the 12 months following the filing date. There is substantial doubt about our ability to continue as a going concern."
