secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2025-06-20T23:59:59+00:00
Accession:  0001193125-25-142918
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/0001193125-25-142918-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000119312525142918/d80998d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-142918

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