VPC Impact Acquisition Holdings (NASDAQ:VIH) secured shareholder approval of its combination with digital asset marketplace Bakkt Holdings today after pre-announcing its redemption amounts yesterday morning.
Today’s 8-K filing provided further transparency into VIH’s redemptions, disclosing that a total of 8,452,042 shares were redeemed in connection with the business combination, removing 40.76% of the SPAC’s trust. As a result, there will be approximately $122,866,078.68 remaining in the trust account following such redemptions.
The deal is expected to generate more than $447 million of gross proceeds, including approximately $325 million in funding from a PIPE, plus $122 million from the VIH trust account.
Approximately 85.1% of the votes cast at today’s meeting voted to approve the merger and the transaction is expected to close tomorrow, October 15. The combined company’s common stock and redeemable warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “BKKT” and “BKKT WS”, respectively, starting Monday, October 18.
The parties initially announced the $2.1 billion deal on January 11. Bakkt provides a platform for consumers to use cryptocurrencies for payments and retail transactions as well as other digital assets like loyalty points, gift cards and in-game purchases.
All other proposals on the ballot were approved at today’s meeting. For a full list of the proposals and tallies, click HERE.
- PJ Solomon is serving as financial advisor and Shearman & Sterling is serving as legal advisor to Bakkt.
- Jefferies and Citigroup are serving as financial and capital markets advisors to VPC Impact Acquisition Holdings and co-placement agents on the PIPE.
- Jefferies is the lead capital markets advisor to VPC Impact Acquisition Holdings.
- White & Case LLP is serving as legal advisor to VPC Impact Acquisition Holdings.