Bakkt Holdings Inc (BKKT)

[stockbum9]

Some more warrant info:

There has been misinfo on the other board about there being a .361 max conversion on the warrants. I dug into the details and came to this conclusion:
1> The normal redemption is the warrant holder will pay $11.50 per warrant and receive 1 common share. This is initiated by the company or the warrant holder during the exercisable period.

2> The company can also give the warrant holder the option to do a cashless redemption, if the company is the one that initiated the redemption (called in the warrants). In this case the $11.50 is not paid, but the warrant holder receives only a partial common share, say 90% of a share for example. The company does the math and guarantees that partial share is the same value it would have been under a normal redemption.

3> This is the interesting case that uses the .361 conversion factor. It's only if the warrant holder requests a cashless redemption without the company initiating the redemption! The warrant holder can do this whenever they want after the lockup period, but they won't get the same value they would have if they did a normal redemption! Again, this .361 only applies for a warrant-holder-initiated-cashless-redemption!

MYSTERY SOLVED!