secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001193125-22-276398
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bakkt to acquire Apex Crypto for up to $200M; $55M cash upfront; expected close H1 2023
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- Maximum purchase price of $200M: $55M cash at closing plus stock earnouts up to $145M based on 2022-2025 performance.
- Stock earnout includes up to $45M for Q4 2022, up to $50M each for 2023 and 2024, and up to $12M for NFT business.
- Acquisition expected to close in first half of 2023, subject to regulatory approvals from NY DFS and state regulators.
- Bakkt and Apex Fintech Solutions will enter a 4-year commercial agreement making Bakkt preferred crypto provider for Apex's 220+ clients.
- Apex Crypto supports 30+ tokens for fintechs, trading apps, and neo-banks; deal expected to expand Bakkt's client verticals and accelerate crypto product development.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000119312522276398/0001193125-22-276398-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000119312522276398/d408337d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-276398

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer