secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2024-03-19T23:59:59+00:00
Accession:  0001193125-24-070368
Event type: leadership
Sentiment:  neutral
Materiality: 0.80
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Andrew Main appointed CEO effective March 26; Gavin Michael steps down as CEO
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- Andrew Main named President and CEO succeeding Gavin Michael, who becomes advisor through March 2025.
- Main receives $500k base salary, $10M in RSUs (75% time-based, 25% performance-based).
- Michael gets $1.28M lump sum, accelerated RSU vesting, and 1.59M RSUs for advisory role.
- Company reschedules Q4/FY2023 earnings call to March 25, 2024 at 5pm ET.
- Main says capital raise proceeds and cost savings (NYDFS-approved integration) alleviate going concern doubt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000119312524070368/0001193125-24-070368-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000119312524070368/d794298d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-070368

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