Bakkt Pulls Through with Reverse Stock Split to Maintain NYSE Listing

IconCrypto News Terminal24 Apr, 2024

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Bakkt Pulls Through with Reverse Stock Split to Maintain NYSE Listing

Bakkt, the cryptocurrency exchange owned by ICE, has successfully averted delisting from the NYSE by implementing a 1-for-25 reverse stock split. This move, affecting both Class A and Class V common stock, ensures compliance with the exchange's listing requirements. The reverse stock split follows Bakkt's earlier announcement of potential delisting if its share price remained below $1 for 30 consecutive trading days. The company has since replaced its CEO and taken steps to address this issue. Previously on [date], "Bakkt announced a 1-for-25 reverse stock split to meet NYSE listing requirements, following a potential delisting notice."

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