VPC Impact Acquisition Holdings Announces Filing of Amendment No. 1 to the Registration Statement on SEC Form S-4 in Connection with its Proposed Business Combination with Bakkt Holdings, LLC
VPC Impact Acquisition Holdings (NASDAQ: VIHAU, VIH, VIHAW) has filed Amendment No. 1 to its registration statement with the SEC regarding the proposed Business Combination with Bakkt Holdings, LLC, a digital asset marketplace. The amendment facilitates compliance with recent SEC guidance on SPAC warrant accounting and signals progress toward closing the Business Combination, anticipated in June 2021, pending shareholder approval. Post-transaction, VIH will be renamed Bakkt Holdings, Inc. and is expected to list on NYSE under the ticker symbol 'BKKT.'
- Progress towards closing the Business Combination with Bakkt.
- Anticipation of listing on NYSE as 'BKKT', expanding market presence.
- Approval from VIH shareholders is still needed for closure.
- Potential risks associated with meeting conditions of the Business Combination.
VPC Impact Acquisition Holdings (NASDAQ: VIHAU, VIH and VIHAW) (“VIH”), announced today that it has filed with the U.S. Securities and Exchange Commission (“SEC”) Amendment No. 1 to the registration statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement of VIH with respect to the proposed business combination (the “Business Combination”) with Bakkt Holdings, LLC (“Bakkt”), a digital asset marketplace. The Registration Statement includes amendments intended to comply with the SEC’s recent guidance with respect to warrant accounting policies applicable to SPACs and represents further progress towards the closing of the Business Combination.
Upon the consummation of the Business Combination, VIH is expected to be renamed “Bakkt Holdings, Inc.” Bakkt Holdings, Inc. is anticipated to become a NYSE-listed public company trading under the ticker symbol “BKKT.”
The Business Combination, which was announced on January 11, 2021, has been unanimously approved by the VIH Board of Directors and is expected to close in June 2021, subject to certain customary closing conditions, including VIH shareholder approval.
PJ Solomon is serving as financial advisor and Wilson Sonsini Goodrich & Rosati, P.C. and Shearman & Sterling are serving as legal advisors to Bakkt. Citigroup and Jefferies are serving as financial and capital markets advisors to VIH. White & Case LLP is serving as legal advisor to VIH.
About VPC Impact Acquisition Holdings
VPC Impact Acquisition Holdings’ sponsor is an affiliate of Victory Park Capital, a global investment firm with a long track record of executing debt and equity financing transactions with some of the largest global Fintech companies. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and San Francisco. Victory Park Capital is privately held and a Registered Investment Advisor with the SEC.
About Bakkt
Bakkt is a trusted digital asset marketplace that enables institutions and consumers to buy, sell, store and spend digital assets. Bakkt’s retail platform, now widely available through the new Bakkt App, amplifies consumer spending, reduces traditional payment costs and bolsters loyalty programs, adding value for all key stakeholders within the payments and digital assets ecosystem. Launched in 2018 by Intercontinental Exchange, Inc., Bakkt is headquartered in Atlanta, GA.
Additional Information and Where to Find It
In connection with the Business Combination, VIH has filed the Registration Statement with the SEC, which includes a prospectus with respect to changing VIH's jurisdiction of incorporation from the Cayman Islands to the State of Delaware and a proxy statement with respect to VIH’s shareholder meeting at which VIH shareholders will be asked to vote on the proposed Business Combination. VIH and Bakkt urge shareholders and other interested persons to read the Form S-4, as amended, including the proxy statement/prospectus, as well as other documents filed with the SEC, because these documents will contain important information about the Business Combination.
When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to shareholders of VIH as of a record date to be established for voting on the Business Combination. VIH’s shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from VIH upon written request to VIH by emailing vihinfo@victoryparkcapital.com or by directing a request to VIH’s secretary at c/o Victory Park Capital Advisors, LLC, 150 North Riverside Plaza, Suite 5200, Chicago, IL 60606.
Participants in Solicitation
VIH, Bakkt and their respective directors, managers, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of VIH shareholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to VIH’s shareholders in connection with the Business Combination is set forth in the preliminary proxy statement/prospectus contained in the Form S-4, as amended, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available. Information concerning the interests of VIH and Bakkt’s participants in the solicitation, which may, in some cases, be different than those of VIH and Bakkt’s equity holders generally, is also set forth in the proxy statement/prospectus contained in the Form S-4, as amended, and will also be included in the definitive proxy statement/prospectus for the Business Combination when available.
Non-Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Forward Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the timing of the closing of the Business Combination; our plans, objectives, expectations and intentions with respect to future operations; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Bakkt’s industry and market sizes, future opportunities for VIH, Bakkt and the combined company, VIH’s and Bakkt’s estimated future results and the Business Combination, including the implied enterprise value, the expected transaction and ownership structure and the likelihood and ability of the parties to successfully consummate the Business Combination. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors previously disclosed in VIH’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (i) inability to meet the closing conditions to the Business Combination, including the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; (ii) the inability to complete the Bus
FAQ
What is the status of the Business Combination between VIH and Bakkt?
What will VIH's new name be after the Business Combination?
What ticker symbol will Bakkt Holdings, Inc. trade under?
What financial advisors are involved in the Business Combination?
What is the expected impact of the Business Combination on VIH shareholders?
