Bakkt announces 13% workforce reduction

In a regulatory filing, Bakkt disclosed that on May 2, the company announced a reduction in force that is expected to result in the termination of 28 employees, which represents approximately 13% of the company’s non-call center, full-time workforce. The reduction in force is a component of a broader strategic review of the company’s operations that is intended to more effectively align resources with business priorities. Substantially all of the employees impacted by the reduction in force were notified of the reduction on May 2, and will exit the company in the second quarter. The company estimates that it will incur expenses in a range of $0.8M-$1M related to the reduction in force, substantially all of which will relate to employee severance and benefits costs and will be recognized in the second quarter.