Bakkt Results Presentation Deck
FINANCIAL RESULTS / STOCK OWNERSHIP
Post-business combination stock ownership
Approximately 257.4mm total shares outstanding
~50.0mm Class A shares - includes IPO shares that were not redeemed, founder shares and PIPE shares
O These are outstanding shares and used for calculating basic EPS
-207.4mm Class V shares - issued as merger consideration in the business combination along with equal number of Opco
common units which are, together, paired interest with a right to convert into Class A shares after lock-up period and vesting,
if applicable, subject to certain expectations
-198.7mm shares¹ are evaluated as potential Class A shares in the calculation of diluted EPS but excluded when the
effect would be anti-dilutive - all potential Class A shares are anti-dilutive in periods of net loss available to Class A
shareholders
Does not include shares issuable upon warrant exercise or future equity incentive grants
ICE owns an aggregate of 68% of shares, consisting of both Class A and Class V
ICE's voting rights are subject to a voting agreement, which limits ICE to vote only an aggregate of 30% of its voting power
bakkt
16.5mm warrants² - 10.4mm public and 6.1mm private which may exercise beginning on Nov. 15th 2021
¹ Excludes 0.8mm warrants which can be exercised for Class V share if vested and 8.7mm incentive units which vest post-combination (anti-dilutive)
2 Does not include warrants to purchase 0.7mm Opco common units and an equal number of Class V shares held by a legacy Opco owner
Note: Information on this slide is as of October 15, 2021, after giving effect to the business combination, PIPE transaction and redemption shares
23View entire presentation