Bakkt SPAC Presentation Deck
Transaction Summary
Transaction Highlights
Transaction Overview
Valuation / Pro Forma
Ownership
Sources and Uses of
Funds
Fully Funded Plan
bakkt
• VPC Impact Acquisition Holdings (Ticker: VIH), a Cayman Islands company, is a FinTech-focused publicly
traded Special Purpose Acquisition Company (SPAC) with $207 million in cash to be deployed
• VIH has entered into a definitive agreement to combine with Bakkt, a company majority-owned by
Intercontinental Exchange (Ticker: ICE), in an UP-C structure
• PIPE size is $325 million
.
- Anchored by $50 million commitment from ICE
Implies a $2.1 billion post-merger enterprise value
• 78% Bakkt rollover shareholders (100% equity rollover), 12% PIPE investors, 8% SPAC public investors, 2%
SPAC sponsor
- ICE: 65% pro forma economic interest and minority voting interest
The combination of SPAC trust account proceeds (assuming no redemptions) and the PIPE investment is
expected to provide Bakkt with $57401) million of pro forma cash to accelerate growth of the business,
notably of its consumer product application, and for general working capital purposes
App available on an invite-only basis (100,000 active users(2) with a pipeline of 350,000 users waiting
to be turned on), widespread rollout of the consumer app is slated for Q1 2021
• 100% rollover by existing Bakkt shareholders, including ICE
• No additional equity capital requirements anticipated between closing and achieving positive cash flow,
which is expected in 2023
(1) Pro forma cash includes $02 million of cash on Bakkt balance sheet. Minimum cash condition is $425 million.
(2) Active users are users which have connected their bank account to the Bakkt App.View entire presentation