时间：2024-03-15|浏览：182
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Cryptocurrency custody and trading platform Bakkt has received a delisting warning from the New York Stock Exchange (NYSE) after its stock price closed below $1 per share for 30 consecutive trading days. Bakkt's stock price closed at $0.6 on Wednesday, with a market capitalization of approximately $80 million, a sharp decline from $40 per share in October 2021.
The New York Stock Exchange said Bakkt was at risk of delisting due to its failure to maintain a closing share price above $1 in the past 30 days.
Bakkt plans to solve this problem
Bakkt notified the New York Stock Exchange on Wednesday that it plans to resolve the issue of its share price being below $1 and return to compliance with the NYSE’s continued listing standards. Companies now have six months to increase their share prices to meet the minimum threshold.
Under the rules, Bakkt must notify the New York Stock Exchange if it plans to resolve the issues through actions that require shareholder approval. If the stock price rises above $1.00 per share and remains there for 30 consecutive trading days, the violation will be resolved.
Bakkt said it intends to explore all available options to resolve the issue, including a potential reverse stock split subject to shareholder approval.
Meanwhile, Bakkt has posted eight consecutive quarters of net losses. The company warned about its financial sustainability in early February, acknowledging concerns that its cash reserves would be insufficient to sustain operations over the next 12 months. In a February filing with the U.S. Securities and Exchange Commission (SEC), Bakkt acknowledged the challenges and uncertainties surrounding its operational viability in the year ahead. As a result, the cryptocurrency platform received regulatory approval on February 14 to issue $150 million in new shares to raise funds to address financial issues.
Bakkt’s Market Challenges
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, founded Bakkt in 2018 and holds a majority stake in the cryptocurrency company. Bakkt debuted on the New York Stock Exchange in October 2021. At launch, the company positioned itself as a platform serving institutional clients who trade, store and spend cryptocurrencies. Initially, it also introduced customer-facing retail applications. However, the retail application was discontinued in February 2023 due to low adoption amid stiff competition from other cryptocurrency exchanges.
Kelly Loeffler, Bakkt’s first CEO, served as a Georgia senator for just one year from 2020 to 2021.
Bakkt’s share price closed at $0.5978 on Wednesday, with a market capitalization of approximately $80 million. This figure marks a significant decrease from October 2021, when the stock was valued at $40 per share. #Bakkt #退市警告
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