Bakkt says ‘management remains confident about our business’

Bakkt Holdings issued the following statement regarding the recently filed amendments to its Form 10-Q for the quarter ended September 30, 2023: “On Wednesday, we filed amendments to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, to provide, among other things, further updates to the description of our business and the related risk factors, including those that may result from changes in the Company’s business following its acquisition of Apex Crypto LLC, now known as Bakkt Crypto Solutions, LLC. In the Amended Form 10-Q, we also included a risk factor relating to our ability to continue as a going concern 12 months following the date of the Amended Form 10-Q. Under generally accepted accounting principles, the going concern analysis can only include management’s plans that have been fully implemented and are probable of occurring as of the assessment date, which excludes new products/market launches that have not been fully implemented or do not have a sufficient revenue track record. In response to questions, management remains confident about our business and will continue to focus on delivering for our clients, making progress on our primary business objectives, and working efficiently to scale our business and move toward profitability. We plan to share more during our earnings announcement later this quarter.”