Bakkt Shares Fall Below 52-Week Lows After Hours Following Reverse-Split News

Dow Jones04-24

By Stephen Nakrosis

Shares of Bakkt Holdings fell below recent 52-week lows in Tuesday's after hours market, following news the company will effect a 1-for 25 reverse stock split, which is to take effect after the market closes on April 26.

After the bell, the stock, which hit a 52-week low of 37 cents on Tuesday, fell to as low as 35 cents before regaining some ground. Around 5:30 p.m. ET, the stock was trading 4% lower, at 38 cents. Shares closed the day's regular session with a 2.2% loss at 40 cents.

Bakkt said its Class A common stock is expected to begin trading on a reverse split-adjusted basis on April 29

Bakkt previously said it believes the reverse split will increase the price per share of the company's Class A Common Stock and allow it to regain compliance with New York Stock Exchange continued listing requirements.

Bakkt said it builds solutions that enable clients to grow with the crypto economy.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 23, 2024 17:45 ET (21:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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