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Crypto Firm Bakkt Appoints New CEO Amid Financial Challenges

Bakkt reveals that Andy Main will occupy both positions of CEO and President by replacing Gavin Michael as the latter is pursuing new opportunities.

Claudia Fischer

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Crypto Firm Bakkt Appoints New CEO Amid Financial Challenges

Bakkt, a prominent crypto firm, has recently disclosed the allocation of its latest CEO and president. As per the company, Andy Main will occupy both the above-mentioned positions by replacing Gavin Michael as the latter is pursuing new opportunities.

Michael will keep on operating as the firm’s advisor till next March. In this way, he would assist in the transition along with offering direction to the Board.

Bakkt Appoints Latest CEO as the Former Leaves to Pursue Exclusive Opportunities

Main has been serving the company as the Board’s member since it witnessed a public listing back in 2021. He will now take over as Bakkt’s CEO beginning on the 26th of March.

He has a significant knowledge about the opportunities that the company has. The firm asserted that Main also comprehends how to provide exclusive crypto-related benefits to diversified partners and consumers.

Before coming toward Bakkt, Main served as Ogilvy’s global CEO. In addition to this, he also worked as Deloitte Digital’s global head. Because of Main’s arrival, Bakkt is shifting its full-year and 4th-quarter financial outcomes to March 25. A few days back, the New York Stock Exchange released a notice for Bakkt.

The Crypto Firm Struggles to Fulfill Minimum Requirements Highlighted by NYSE

The respective notice dealt with compliance concerning the regulations related to stock prices. As of the 12 of March, Bakkt witnessed a huge decrease in trading value for thirty consecutive days.

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During that time, the value of its stock was below the per-share mark of $1.00. Keeping this in view, the NYSE raised several apprehensions regarding the company’s non-compliance.

The firm assured the NYSE regarding the resolution of the issue of the price discrepancy. In this regard, it received a 6-month period to increase the stock price for the fulfillment of the minimum requirement.

As per the reports, Bakkt released a warning in February 2024 regarding its financial status, revealing apprehensions regarding operational viability.

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