Business Context and Reporting Period
This Form 8-K was filed by VPC Impact Acquisition Holdings, a Cayman Islands special purpose acquisition company, on November 12, 2020. Although the request identifies Bakkt, Inc., the filing text names VPC Impact Acquisition Holdings as the registrant and does not discuss Bakkt.
Material Event
The company announced that holders of its units may elect to separate the Class A ordinary shares and redeemable warrants beginning on or about November 13, 2020.
- Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
- Unseparated units continue to trade on Nasdaq under the symbol VIHAU.
- Separated Class A ordinary shares trade under VIH.
- Separated warrants trade under VIHAW.
- Each whole warrant is exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
- No fractional warrants will be issued, and only whole warrants will trade.
- Holders must have their brokers contact Continental Stock Transfer & Trust Company to separate the units.
Financial Metrics and Liquidity
The filing is limited to an exchange and securities-trading announcement. It does not provide revenue, profit, cash flow, margins, debt, liquidity, balance-sheet figures, or other operating metrics.
Guidance, Outlook, Risks, and Unusual Items
No financial guidance, operating outlook, management discussion, material risks, contingencies, or unusual accounting items are provided. The principal event is the commencement of separate trading of the securities comprising the units.
Important Facts to Verify
- Confirm that the intended issuer is VPC Impact Acquisition Holdings rather than Bakkt, Inc.
- Verify the effective date for separate trading, stated as on or about November 13, 2020.
- Confirm the applicable ticker symbols: VIHAU, VIH, and VIHAW.
- Verify the warrant terms, including the $11.50 exercise price and whole-warrant requirement.
- Review Exhibit 99.1, the November 12, 2020 press release, for any additional details.