Bakkt shares are trading lower after the company reported preliminary 2023 financial results and announced a $40 million registered direct offering with institutional investors and a $10 million concurrent registered direct offering.
Portfolio Pulse from Benzinga Newsdesk
Bakkt's shares are trading lower following the announcement of preliminary 2023 financial results and a $50 million registered direct offering, split between a $40 million offering with institutional investors and a $10 million offering.
February 29, 2024 | 6:08 pm
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Bakkt's stock price is trading lower after the company announced preliminary financial results for 2023 and a $50 million registered direct offering.
The announcement of preliminary financial results and a significant registered direct offering typically indicates the company's need for capital, which can dilute existing shares and often leads to a negative short-term reaction in the stock price.
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IMPORTANCE 90
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