Bakkt plans to transition to single-class common stock

Bakkt (BKKT) announced that it plans to eliminate its existing umbrella partnership-C corporation structure through a reorganization. If consummated, Bakkt will become a wholly owned subsidiary of a new holding company, which will be named Bakkt Holdings, will replace Bakkt as the listed public company, and will transition to a single class of common stock. At completion of the reorganization, each share of Class A common stock of Bakkt will be exchanged for one share of common stock of NewCo. Under the proposed reorganization, ownership interests held by Bakkt’s pre-IPO investors will be collapsed into, and the shares of Class V common stock of Bakkt will be replaced with, shares of common stock of NewCo. Following completion, all Bakkt shareholders will hold common stock of NewCo, resulting in a unified share class with identical economic and voting rights for all shareholders and reflecting a streamlined capital structure. Bakkt expects to close the reorganization on or about November 3.