Bakkt is a cryptocurrencycurrency custody and trading platform that has been trading below $1 for the past 30 days and is about to be delisted from the NYSE.
Bakht received a notice of non-compliance from the NYSE when the average closing share price over a 30-day period fell below $1, the last trade being 60 cents on March 13.
Bakkt may be delisted if it is separated from ICE and the issue is not resolved within six months. Reverse stock splits are possible in the event that shareholder approval is upheld.
Its price had previously exceeded $40, but on Wednesday it settled at $0.5978, making it worth $80 million. Bakkt was the first company to address institutional cryptocurrencycurrency demands when it was founded in 2018, but due to little demand, its retail app was shut down.
After serving as CEO for a short while, Kelly Loeffler was elected to the US Senate. Following a string of quarterly losses, Bakkt is now asking regulators for permission to issue $150 million worth of additional shares.
The platform’s struggles are a reflection of the cryptocurrencycurrency market’s ongoing shifts and challenges integrating the traditional economy with digital currency.
