On February 29, 2024, Bakkt Holdings, Inc. (Bakkt), a leading crypto services platform, announced its entry into two securities purchase agreements relating to the purchase and sale of up to 57,670,127 shares of the company’s Class A common stock (or pre-funded warrants in lieu of Class A common stock) and accompanying warrants to purchase up to an equal number of shares of the company’s Class A common stock in concurrent registered direct offerings. The purchase price of each share of Class A common stock and accompanying warrant is $0.8670, resulting in aggregate expected gross proceeds of $50 million. Bakkt issued approximately $42.4 million of such securities on March 4, 2024, and will close on the issuance of the incremental approximately $7.6 million of such securities after the company obtains stockholder approval, subject to the satisfaction of other customary closing conditions. Wilson Sonsini Goodrich & Rosati advised Bakkt on the transaction.

The Wilson Sonsini team that advised Bakkt on the transaction included:

Corporate
Matt Lyons
Austin March
Priyanka Nawathe
Sasha Bobrowicz
Tiffany Carter
Michael Nordtvedt
Steven Bernard
Adam Enochs
Daniel Cowan
Joshua Kaplan

Corporate Finance
Erik Franks
Jason Koo

Delaware Law
Amy Simmerman
James Griffin-Stanco
Ryan Hart

Fintech and Financial Services
Amy Caiazza
Jess Cheng
Marc Foster
Mara Alioto

For more information, please see Bakkt’s news release.