Bakkt (US:BKKT)2021-03-30 16:00Financial Performance - The company reported a net loss of $1,002,669 for the period from July 31, 2020, to December 31, 2020, primarily due to formation and operating expenses of $1,006,862, offset by interest income of $4,193[259]. - The company incurred transaction costs of $11,501,146 related to the Initial Public Offering, including $4,000,000 in underwriting fees[262]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of its Business Combination[251]. Capital Raising - The company raised gross proceeds of $200,000,000 from its Initial Public Offering at a price of $10.00 per Unit, along with an additional $6,000,000 from the sale of Private Placement Warrants[261]. Investments and Trust Account - As of December 31, 2020, the company had investments held in the Trust Account totaling $207,376,213, which will be used to complete its Business Combination[265]. - The company intends to use substantially all funds in the Trust Account for its Business Combination and may withdraw interest to pay taxes[265]. Merger and Acquisition Plans - The company has entered into a Merger Agreement with Bakkt, which includes an aggregate consideration of 208,200,000 Bakkt Opco Units and 208,200,000 shares of class V common stock[252]. - The company plans to use cash held outside the Trust Account, amounting to $1,177,678, primarily for identifying and evaluating target businesses[267]. Financial Obligations - The company has no long-term debt obligations or off-balance sheet financing arrangements as of December 31, 2020[270]. - The company has a monthly obligation of $10,000 to its Sponsor for office space and administrative services, which began on September 25, 2020[271]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide the information typically required under this item[282].