Bakkt receives delisting warning from New York Stock Exchange due to continued slump in stock price
Bakkt, a cryptocurrency platform created by Intercontinental Exchange (ICE) and owning two-thirds of its shares, faces the risk of being delisted from the New York Stock Exchange (NYSE) due to its stock price falling below the $1 threshold. Bakkt announced on Wednesday that the NYSE had issued a notice stating that "the company does not comply with Section 802.1C of the NYSE Listed Company Manual because as of March 12, 2024, the average closing price of the company's Class A common stock was less than $1.00 per share for a consecutive 30 trading days. This notice will not immediately result in the delisting of its common stock from the NYSE."
On March 13th, Bakkt replied to the NYSE that it intends to resolve its issue of a stock price below $1 and restore compliance with the NYSE's continued listing standards. Bakkt's stock price closed at $0.5978 on Wednesday, with a market value of only $80 million, far below the trading price of $40 per share in October 2021.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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