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.
ADVISORS
- 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.
New Providence Acquisition Corp. III (NASDAQ:NPACU) announced the pricing of its $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NPACU”, Thursday, April 24, 2025. The new SPAC aims to combine with a consumer target that has the potential to generate attractive risk-adjusted returns. New Providence III’s...
Cantor Equity Partners Inc. (NASDAQ:CEP) has entered into a definitive agreement to combine with Twenty One Capital at an enterprise value of $3.6 billion, or 1x its future net asset value (NAV). Twenty One Capital aims to secure a sizeable Bitcoin holding and leverage it for financial services products as well as Bitcoin-focused media offerings....
Voyager (NASDAQ:VACH) has signed a definitive agreement to combine with biotech firm VERAXA at an enterprise value of $1.38 billion. Heidelberg, Germany-based VERAXA is developing cancer treatments with its most advanced candidate targeting acute myeloid leukemia (AML). The combined company is expected to trade on the Nasdaq under the symbol “VERX” once the deal is...
At the SPAC of Dawn SPACs announced two more business combinations and priced a IPO in the past 24 hours showing that activity is going to continue apace regardless of the present market volatility. Another major deal is rumored in the wind with Cantor Equity Partners I (NASDAQ:CEPO) reportedly nearing a major merger that would...
Texas Ventures Acquisition III Corp (NASDAQ:TVACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TVACU”, Wednesday, April 23, 2025. The new SPAC’s primary search focus will be on industrial technology, specifically companies implementing advanced technologies including software, mobile and IoT applications,...