Bakkt, Inc. reported quarter ended September 30, 2022 results: revenue $12.9, net income $(1,592.5).
“Third Quarter Financial Highlights (unaudited) $mm’s Successor Predecessor Increase/ 3Q22 3Q21 (decrease) Net revenues $12.9 $9.1 41% Goodwill & intangible assets impairments 1,547.7 – NM Operating expenses, excluding impairment 60.0 39.0 54% Total operating expenses 1,607.8 39.0 NM Operating loss $(1,594.9) $(29.9) NM Net loss $(1,592.5) $(28.8) NM Adjusted EBITDA (non-GAAP) $(30.7) $(24.1) (27%)”
Kristyn Cook resigned as Director at Bakkt, Inc..
“On November 7, 2022, Kristyn Cook informed Bakkt Holdings, Inc. (the “Company”), that she intended to resign from the Company’s Board of Directors”
Material Agreements
Bakkt, Inc. entered into Membership Interest Purchase Agreement with Apex Fintech Solutions Inc. valued at $55.0 million in cash (effective 2022-11-02).
“On November 2, 2022, Bakkt Holdings, Inc., a Delaware corporation (“Bakkt” or the “Company”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among Bakkt Marketplace, LLC, a Virginia limited liability company and indirect wholly owned subsidiary (“Bakkt Marketplace” and together with Bakkt, the “Bakkt Parties”), Apex Fintech Solutions Inc., a Delaware corporation (“Seller”), and Apex Crypto LLC, a Delaware limited liability company (“Target” and together with Seller, the “Seller Parties”).”
Earnings Releases
Bakkt, Inc. reported preliminary financial results for the three months ended September 30, 2022.
“On October 28, 2022, Bakkt Holdings, Inc. (the “Company”) issued a press release announcing that, for the three months ended September 30, 2022, the Company will record an impairment loss on goodwill and on certain indefinite-lived intangible assets.”
Karen Alexander changed role as Chief Financial Officer at Bakkt, Inc..
“Effective upon the appointment of Mr. Goodroe, Karen Alexander, the Company’s Chief Financial Officer, Principal Financial Officer, Chief Accounting Officer and Principal Accounting Officer, will step down as Chief Accounting Officer and Principal Accounting Officer.”
Charles "Chip" Goodroe was appointed as Chief Accounting Officer at Bakkt, Inc..
“The Company appointed Charles “Chip” Goodroe, 38, as Vice President, Chief Accounting Officer and Principal Accounting Officer of the Company, effective September 12, 2022.”
Karen Alexander changed role as Chief Financial Officer at Bakkt, Inc..
“Effective upon the appointment of Mr. Goodroe, Karen Alexander, the Company’s Chief Financial Officer, Principal Financial Officer, Chief Accounting Officer and Principal Accounting Officer, will step down as Chief Accounting Officer and Principal Accounting Officer.”
Charles "Chip" Goodroe was appointed as Vice President, Chief Accounting Officer and Principal Accounting Officer at Bakkt, Inc..
“appointed Charles “Chip” Goodroe, 38, as Vice President, Chief Accounting Officer and Principal Accounting Officer of the Company, effective September 12, 2022.”
Karen Alexander was appointed as Chief Financial Officer at Bakkt, Inc..
“On August 8, 2022, Bakkt Holdings, Inc.’s (the “Company”) board of directors (the “Board”) approved the appointment of Karen Alexander as Chief Financial Officer and Principal Financial Officer, effective immediately.”
Karen Alexander was appointed as Interim Chief Financial Officer at Bakkt, Inc..
“the Company appointed Karen Alexander, the Company’s Chief Accounting Officer, as Interim Chief Financial Officer and interim Principal Financial Officer effective May 23, 2022”
Karen Alexander was appointed as Chief Financial Officer at Bakkt, Inc..
“On May 19, 2022, the Company appointed its Chief Accounting Officer, Karen Alexander (age 51), as interim Chief Financial Officer and interim Principal Financial Officer to be effective as of May 23, 2022.”
Andrew LaBenne resigned as Chief Financial Officer at Bakkt, Inc..
“On May 18, 2022, Andrew LaBenne tendered his resignation from his position as Chief Financial Officer of Bakkt Holdings, Inc. (the “Company”), to be effective as of May 23, 2022.”
De'Ana Dow was appointed as Class III director at Bakkt, Inc..
“On April 21, 2022, Bakkt Holdings, Inc. (the “Company”) announced that its board of directors (the “Board”), upon the recommendation of its Nominating and Corporate Governance Committee, appointed Jill Simeone and De’Ana Dow (the “New Directors”) to the Board, as a Class I director and a Class III director, respectively.”
Jill Simeone was appointed as Class I director at Bakkt, Inc..
“On April 21, 2022, Bakkt Holdings, Inc. (the “Company”) announced that its board of directors (the “Board”), upon the recommendation of its Nominating and Corporate Governance Committee, appointed Jill Simeone and De’Ana Dow (the “New Directors”) to the Board, as a Class I director and a Class III director, respectively.”
Gavin Michael changed role as President at Bakkt, Inc..
“The Company’s Chief Executive Officer, Gavin Michael, will assume the additional title of President following Mr. White’s separation.”
Adam White departed as President at Bakkt, Inc..
“Adam White is departing as President of Bakkt Holdings, Inc. (the “Company”), effective as of December 31, 2021”
Karen Alexander was appointed as Chief Accounting Officer at Bakkt, Inc..
“Further, in connection with the Closing, Karen Alexander, age 50, was appointed to serve as Chief Accounting Officer of the Company, after serving in the same position with Opco since June 2021.”
Adrienne Harris resigned as Director at Bakkt, Inc..
“On September 3, 2021, Ms. Adrienne Harris notified VPC Impact Acquisition Holdings (the “Company”) of her decision to resign, effective September 7, 2021, from the Company’s Board of Directors (the “Board”).”
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