VPC Impact Acquisition Holdings today announced that it expects all conditions to be met for closing its business combination with digital asset marketplace Bakkt if shareholders approve the deal tomorrow.
Based on the number of public shares submitted for redemption as of yesterday’s deadline, the SPAC expects Bakkt will receive more than $447 million of gross proceeds, including $325 million in committed funding from a PIPE, plus approximately $122 million from the VIH trust account, which represents approximately 60% of the cash available in the trust.
That’s down 11% from the $500 million in proceeds originally expected when the deal was announced in January.
Assuming that VIH receives a favorable shareholder vote, the transaction would close Oct. 15.
Upon closing, the combined company’s Class A common stock and warrants are expected to begin trading Oct. 18 on the NYSE under BKKT and BKKT WS. Read more.
