Key Points
(Bloomberg) -- Bakkt Holdings Inc. named a new chief executive officer and president as the crypto trading and custody platform faces being dropped from the New York Stock Exchange for failing to maintain listing requirements..
Andy Main, who has served on Bakkts board of directors since its public listing in 2021, will succeed Gavin Michael in the two roles on March 26..
Since then, the company entered into a $40 million registered direct offering with institutional investors and a $10 million concurrent registered direct offering, which have alleviated the conditions that raise the doubt about us as a going concern," Main said in an interview..
Intercontinental Exchange Inc., which owns some of the biggest futures markets as well as the NYSE, launched Bakkt with much fanfare in 2018, announcing that it was teaming up at the time in the venture with Starbucks Corp. and Microsoft Corp. Kelly Loeffler, the founding CEO, later went on to serve as a US Senator from Georgia for one year..
The tailwinds are very strong at the moment, and the addressable market that Bakkt can go after is fairly sizable," Main said. . Until 2022, Main was CEO of Ogilvy, an advertising, marketing and public relations firm..
