Bakkt Holdings Announces Executive and Board Changes

TL;DR

CEO out, interim CEO and new CFO in at Bakkt. Big changes happening.

AI Summary

Bakkt Holdings, Inc. announced on July 16, 2024, changes in its executive team and board of directors. Specifically, Gavin Michael has resigned as Chief Executive Officer and from the Board of Directors, effective July 16, 2024. Simultaneously, Andrew J. Wilson has been appointed as Interim Chief Executive Officer and a member of the Board of Directors. The company also announced the appointment of David Maclin as Chief Financial Officer.

Why It Matters

This filing indicates significant leadership transitions at Bakkt Holdings, including the departure of its CEO and the appointment of new interim CEO and CFO, which could signal strategic shifts or operational adjustments.

Risk Assessment

Risk Level: medium — Executive departures and interim appointments can introduce uncertainty regarding future strategy and operational stability.

Key Players & Entities

• Bakkt Holdings, Inc. (company) — Registrant
• Gavin Michael (person) — Resigned CEO and Board Member
• Andrew J. Wilson (person) — Appointed Interim CEO and Board Member
• David Maclin (person) — Appointed CFO
• July 16, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share BKKT The New York Stock Exc

Filing Documents

• bakkt-20240716.htm (8-K) — 35KB
• 0001820302-24-000111.txt ( ) — 204KB
• bakkt-20240716.xsd (EX-101.SCH) — 2KB
• bakkt-20240716_def.xml (EX-101.DEF) — 16KB
• bakkt-20240716_lab.xml (EX-101.LAB) — 28KB
• bakkt-20240716_pre.xml (EX-101.PRE) — 17KB
• bakkt-20240716_htm.xml (XML) — 4KB

From the Filing

bakkt-20240716 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 16, 2024 Bakkt Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 001-39544 98-1550750 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 10000 Avalon Boulevard , Suite 1000 , Alpharetta , Georgia 30009 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: ( 678 ) 534-5849 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.0001 per share BKKT The New York Stock Exchange Warrants to purchase Class A Common Stock BKKT WS The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 16, 2024, Richard Lumb resigned, effective immediately, as a director of Bakkt Holdings, Inc. (the "Company") and as a member of the Audit and Risk Committee (the "Audit Committee") of the Company's Board of Directors (the "Board"). Mr. Lumb's resignation was not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. On July 19, 2024, the Board, upon the recommendation of its Nominating and Corporate Governance Committee, appointed Colleen Brown to serve as a Class III director, filling the vacancy created by Mr. Lumb's resignation. Ms. Brown was also appointed to serve on the Audit Committee. The Board has determined that Ms. Brown is independent and meets the applicable independence requirements of the New York Stock Exchange, including for purposes of serving on the Audit Committee. The Board also determined that Ms. Brown qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K promulgated by the Securities and Exchange Commission. There are no transactions between the Company and Ms. Brown that would require disclosure under Item 404(a) of Regulation S-K. There are no understandings or arrangements between Ms. Brown or any other person pursuant to which Ms. Brown was selected to serve as a director of the Board. Ms. Brown, age 65, was previously President, Chief Executive Officer and a director of Fisher Communications Inc., a public multimedia company. She also has served in various leadership capacities with the media companies Belo Corp., Lee Enterprises and Gannett. In addition, Ms. Brown was the founder of Marca Global, an innovative marketing and internet technology company. Ms. Brown currently serves on the board of TrueBlue, where she is chair of the Nominating & Corporate Governance Committee and a member of the Compensation Committee and the Innovation and Technology Committee, and the board of Big 5 Sporting Goods, where she is a member of the Audit Committee and the Nominating & Corporate Governance Committee. She also serves on the boards of privately held Port Blakely Forestry and non-profit Delta Dental of Washington. Over the course of her career, Ms. Brown has served on numerous other corporate boards, including Spark Networks, where she served as board chair and interim CEO, American Apparel, where she served as board chair, DataSphere Technologies, BECU (Boeing Employees Credit Union), CareerBuilder and Classified Ventures. Ms. Brown brings extensive executive and boardroom experience in strategic planning, operations, finance, technology and corporate governance matters through a distinguished career of proven leadership that has included service as ch

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