The price of the Bakkt company for Crypto on March 18 closed the trading of more than 27 % after it revealed that two largest customers, Bank of America, will not renew commercial agreements.
In the organization of March 17 presentationBakt said it had received a notification that Bank of America did not renew its trade agreement when the deal ends on April 22. It also revealed that the mediation platform, which also decided not to renew its agreement when it ends on June 14.
Like the BAKKT Services in Bakkt in the nine months ending September 30, 2024, according to the deposit submitting. Like webul 74 % of the company’s encryption services revenue during the same period.
The shares in Bakkt (BKKT) fell on March 18 after the deposit, and the price of his share today closed a decrease of 27.28 % to $ 9.33. BKKT has seen an additional decrease of 2.25 % to $ 9.12 after the bell, According to To Google Finance.
Bank of America Wiuol will not renew the agreements with Bakkt, which has seen its shares. source: Google Financing
In general, the stock fell more than 96 % of its highest level ever at $ 1063, which was recorded on October 29, 2021.
He also has delayed The profit conference that was previously announced twice, with its latest RenovationG put an invitation on March 19.
Bakkt was founded in 2018 by Intercontinental Exchange, which has a 55 % stake and also has the New York Stock Exchange (NYSE).
Related to: Bakkt announces $ 780 million in the profit report 2023
At least one law office, law offices in Howard J. Smith, Declare A possible collective lawsuit against Bakt, which claims violations of federal securities. The potential lawsuit claims that the agreements that were terminated with the Bank of America and Webull, along with the renovated profit call, caused a decrease in the price of the Bakkt share, and thus the injury of investors. ”
Bakkt, Bank of America and Webull did not respond immediately for the suspension requests.
In November of last year, the Bakkt share price jumped more than 162 % to $ 29.71 and continued to rise by 16.4 % to $ 34.59 after a report claimed that Donald Trump was holding advanced talks to obtain the company.
Before that, Bakkt’s parent company looked at selling or dividing the company into smaller entities in June, according to the Bloomberg report.
He also received a notice from the New York Stock Exchange in March that he was not compatible with the stock exchange rules after spending 30 days closing less than one dollar on average.
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