Bakkt receives non-compliance notice from NYSE

Bakkt Holdings announced that the New York Stock Exchange notified the company that the company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because, as of March 12, 2024, the average closing price of the company’s Class A Common Stock was less than $1.00 per share over a consecutive 30-day trading period. The notice does not result in the immediate delisting of the Common Stock from the NYSE. On March 13, 2024, the company notified the NYSE that it intends to cure the stock price deficiency and to return to compliance with the NYSE continued listing standard. The company can regain compliance at any time within the six-month period following receipt of the NYSE notice if the company has a share price of at least $1.00 on the last trading day of any calendar month within the six-month cure period and an average share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE’s rules, if the company determines that it will cure such average stock price deficiency by taking an action that will require stockholder approval, it must so inform the NYSE, and the noncompliance with the price condition will be deemed cured if the price promptly exceeds $1.00 per share and the price remains above that level for at least the following 30 trading days. The company intends to consider all available alternatives to resolve this issue, including but not limited to a reverse stock split, subject to shareholder approval.