A crypto custody & trading platform, Bakkt, is on the verge of being delisted from the NYSE as it has been trading below $1 for the last 30 days.
Bakkt received notice of non-compliance from the NYSE when the average closing share price over 30 days dropped below $1, the last trade being 60 cents on March 13.
Separation from ICE may lead to the delisting of Bakkt if it does not remedy the problem within six months. Possibilities are a reverse stock split if shareholder consent is affirmed.
However, its price had once been above $40, but on Wednesday, it settled at $0.5978, valued at $80 million. Established in 2018, Bakkt was the pioneer in institutional crypto needs, but its retail app was subsequently closed because the demand was not as high.
Kelly Loeffler, who had been CEO briefly, was elected to the United States Senate. Bakkt made consecutive quarterly losses and now the company is seeking regulatory approval to issue $150 million in new shares.
The platform’s struggle represents the crypto market’s constant changes and difficulties in incorporating the old-fashioned economy into digital money.
Also Read: Bakkt Secures $150M Securities Sale to Stem Cash Bleed
