Crypto custody and trading platform Bakkt has received a warning from the New York Stock Exchange regarding its non-compliance with the stock exchange’s listing rules.
According to regulations, Bakkt must inform the NYSE if it plans to resolve the issue through an action requiring shareholder approval. If the stock price rises above $1.00 per share and maintains this level for 30 consecutive trading days, the non-compliance will be resolved. Meanwhile, Bakkt has reported net losses for eight consecutive quarters. The company cautioned about its financial sustainability in early February, expressing, Bakkt acknowledged the challenges and uncertainties surrounding its operational viability in the coming year. Hence, the crypto platform obtained regulatory approval on February 14 to offer $150 million in new shares to raise capital to address the financial issue.
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