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Investing.com -- Bakkt Holdings Inc. (NYSE:BKKT) stock plunged 39% after the digital asset platform priced its previously announced public offering at $10 per share, a significant discount to yesterday’s closing price of $17.17.
The company is offering 6,753,627 shares of Class A common stock and pre-funded warrants to purchase up to 746,373 shares at a public offering price of $10.00 per share and $9.9999 per pre-funded warrant, respectively. The gross proceeds from the offering are expected to be approximately $75 million.
Bakkt intends to use the net proceeds to purchase Bitcoin and other digital assets in accordance with its investment policy, as well as for working capital and general corporate purposes. The offering is expected to close around July 30, 2025, subject to customary closing conditions.
The company has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of Class A common stock and/or pre-funded warrants at the public offering price, less underwriting discounts and commissions.
The steep discount in the offering price compared to the previous market value has triggered the sharp sell-off in Bakkt shares as existing shareholders face potential dilution from the new issuance.
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