{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-142918","form_type":"8-K","ticker":"BKKT","cik":"0001820302","company_name":"Bakkt, Inc.","filed_at":"2025-06-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.916282+00:00","generated_at":"2026-05-19T01:43:20.129868+00:00","sec_items":["1.01","2.03","3.02","5.03","5.07","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Bakkt issues $25M convertible debenture at 5% discount; authorized shares doubled to 60M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-142918","json":"https://secwatch.observer/filing/0001193125-25-142918.json","markdown":"https://secwatch.observer/filing/0001193125-25-142918.md","text":"https://secwatch.observer/filing/0001193125-25-142918.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/0001193125-25-142918-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/d80998d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-19T01:43:20.129868+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7ad013fa2471998c76b66161ba50cf1e9ae7928c","claim":"Bakkt, Inc. incurred convertible notes of $25 million convertible debenture with YA II PN, LTD. at annual rate equal to 0%, which will increase to an annual rate of 18% upon the o maturing first anniversary of the closing date.","evidence_excerpt":"Securities Purchase Agreement On June 17, 2025, Bakkt Holdings, Inc., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with YA II PN, LTD., a Cayman Islands exempt limited company (the “Investor”). Pursuant to the terms of the Purchase Agreement, the Investor will purchase a $25 million convertible debenture (the “Convertible Debenture”) from the Company for a price of $23.75 million (the “Purchase Amount”) in a private placement (the “Private Placement”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/0001193125-25-142918-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$25 million convertible debenture"},{"label":"Counterparty","value":"YA II PN, LTD."},{"label":"Rate","value":"annual rate equal to 0%, which will increase to an annual rate of 18% upon the o"},{"label":"Maturity","value":"first anniversary of the closing date"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"23f10522b6afef5f3ebfdbaf65e36c891cf984ff","claim":"Bakkt, Inc.: Amendment to increase authorized shares of Class A Common Stock from 30,000,000 to 60,000,000 and total Common Stock from 40,000,000 to 70,000,000 (effective 2025-06-17).","evidence_excerpt":"2) an amendment to the Company’s Certificate of Incorporation (“Amendment No. 2”) to increase the number of authorized shares of Class A Common Stock from 30,000,000 shares to 60,000,000 shares and, accordingly, to increase the number of authorized shares of the Company’s Common Stock from 40,000,000 to 70,000,000","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/0001193125-25-142918-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2025-06-17"}],"fact_type":"governance_change"},{"claim_id":"c81592afbbd3b4f84b72b0331c44fc11c086aafe","claim":"Bakkt, Inc.: Amendment to provide for officer exculpation as permitted by Delaware law (effective 2025-06-17).","evidence_excerpt":"1) an amendment to the Company’s Certificate of Incorporation (“Amendment No. 1”) to provide for officer exculpation as permitted by Delaware law","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/0001193125-25-142918-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2025-06-17"}],"fact_type":"governance_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}