Bakkt Reports Delay in 2024 Financial Results, Unveils End of Commercial Deals; Shares Drop Premarket

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05:25 AM EDT, 03/18/2025 (MT Newswires) -- Bakkt Holdings ( BKKT/WS ) said late Monday that it was "unable" to file its annual report for the 2024 fiscal year within the prescribed period.

The company intends to file its Form 10-K within the 15 calendar-day period permitted under the rules.

Separately, the company said on the same day that it received a notice from Bank of America (BAC) saying it would not renew a commercial agreement with Bakkt ( BKKT/WS ).

As a result, the agreement will expire on April 22, subject to the company's obligation to maintain services for up to a 12-month transition period. The bank represented about 16% and 17% of the company's loyalty services revenue in the year ended Dec. 31, 2023, and the nine months ended Sept. 30, 2024, respectively.

Bakkt ( BKKT/WS ) also received notice from Webull Pay saying it will not renew a commercial agreement with the company. The pact will expire on June 14. Webull represented about 74% of the firm's crypto services sales in the year ended Dec. 31 and the nine months ended Sept. 30, 2024.

Shares of the company slumped 31% in premarket activity Tuesday.

Price: 8.84, Change: -3.99, Percent Change: -31.10

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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