Bakkt issues $25M convertible debenture at 5% discount; authorized shares doubled to 60M

Bakkt, Inc.

Sold $25M convertible debenture to YA II PN for net proceeds of $23.75M; 0% interest (18% on default), 1-year maturity.
Conversion price equals lower of $14.51 or 97% of 5-day VWAP (floor $2.418); capped at 4.99% beneficial ownership.
Authorized Class A common shares increased from 30M to 60M (total common from 40M to 70M) via stockholder vote.
Annual meeting results: 3 directors elected; 2021 omnibus incentive plan amendment approved; say-on-pay frequency set at 1 year.
ICE credit facility amended to permit this convertible debenture transaction; proceeds for working capital.

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