Bakkt Issues Statement Regarding Recently Filed Amendments to Third Quarter Form 10-Q
09 February 2024 - 7:07AM
Business Wire
Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) issued the following
statement regarding the recently filed amendments to its Form 10-Q
for the quarter ended September 30, 2023.
On Wednesday, we filed amendments to our Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2023 (the
“Amended Form 10-Q”), to provide, among other things, further
updates to the description of our business and the related risk
factors, including those that may result from changes in the
Company’s business following its acquisition of Apex Crypto LLC
(now known as Bakkt Crypto Solutions, LLC). In the Amended Form
10-Q, we also included a risk factor relating to our ability to
continue as a going concern 12 months following the date of the
Amended Form 10-Q. Under generally accepted accounting principles,
the going concern analysis can only include management’s plans that
have been fully implemented and are probable of occurring as of the
assessment date, which excludes new products/market launches that
have not been fully implemented or do not have a sufficient revenue
track record.
In response to questions, management remains confident about our
business and will continue to focus on delivering for our clients,
making progress on our primary business objectives, and working
efficiently to scale our business and move toward profitability. We
plan to share more during our earnings announcement later this
quarter.
About Bakkt
Founded in 2018, Bakkt builds solutions that enable our clients
to grow with the crypto economy. Through institutional-grade
custody, trading, and onramp capabilities, our clients leverage
technology that’s built for sustainable, long-term involvement in
crypto.
Bakkt is headquartered in Alpharetta, GA. For more information,
visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt |
LinkedIn https://www.linkedin.com/company/bakkt/.
Bakkt-C
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include, but are not limited to,
statements regarding Bakkt’s ability to continue as a going
concern, Bakkt’s expectations relating to the launch of new
products or in new markets and Bakkt’s ability to generate revenues
from any such initiatives, Bakkt’s ability to continue operating
its business as expected and achieve its business objectives, and
Bakkt’s ability to scale its business and move towards
profitability, among others. Forward-looking statements can be
identified by words such as “will,” “likely,” “expect,” “continue,”
“anticipate,” “estimate,” “believe,” “intend,” “plan,”
“projection,” “outlook,” “grow,” “progress,” “potential” or words
of similar meaning. Such forward-looking statements are based upon
the current beliefs and expectations of Bakkt’s management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and beyond Bakkt’s control. Actual results and
the timing of events may differ materially from the results
anticipated in such forward-looking statements as a result of the
following factors, among others: Bakkt’s ability to raise
additional capital on acceptable terms or at all; Bakkt’s ability
to grow and manage growth profitably; changes in Bakkt’s business
strategy; changes in the market in which Bakkt competes, including
with respect to its competitive landscape, technology evolution or
changes in applicable laws or regulations; changes in the markets
that Bakkt targets; disruptions in the crypto market that subject
Bakkt to additional risks, including the risk that banks may not
provide banking services to Bakkt; the possibility that Bakkt may
be adversely affected by other economic, business, and/or
competitive factors; the inability to launch new services and
products or to profitably expand into new markets and services; the
inability to execute Bakkt’s growth strategies, including
identifying and executing acquisitions and Bakkt’s initiatives to
add new clients; Bakkt’s failure to comply with extensive
government regulation, oversight, licensure and appraisals;
uncertain regulatory regime governing blockchain technologies and
crypto; the inability to maintain effective internal controls and
procedures; the exposure to any liability, protracted and costly
litigation or reputational damage relating to Bakkt’s data
security; the impact of any goodwill or other intangible assets
impairments on Bakkt’s operating results; the impact of any
pandemics or other public health emergencies; Bakkt’s inability to
maintain the listing of its securities on the New York Stock
Exchange; and other risks and uncertainties indicated in Bakkt’s
filings with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on such forward-looking
statements. Such forward-looking statements relate only to events
as of the date on which such statements are made and are based on
information available to us as of the date of this press release.
Unless otherwise required by law, we undertake no obligation to
update any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20240208131674/en/
Investor Relations Ann DeVries, Head of Investor
Relations Ann.DeVries@bakkt.com
Media press@bakkt.com
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