Bakkt, a crypto platform partially owned by Intercontinental Exchange (ICE), is at risk of being delisted from the New York Stock Exchange, also owned by ICE.
According to a press release issued by Bakkt, NYSE has notified the company that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of its Class A Common Stock fell below $1.00 per share for a consecutive 30-day period as of March 12, 2024.
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This news comes as Bakkt shares closed at $0.5978 yesterday, giving the company a market cap of just $80 million.
This is a significant decline from October 2021, when shares were trading at $40 per share.
Bakkt, established as a traditional finance alternative to crypto exchanges, launched in 2019 as a platform for institutions to custody and trade Bitcoin.