VPC Impact Acquisition Holdings (VIH), a blank check company, has steadily increased 3.53% in aftermarket trading sessions and is changing hands at $9.69 at the time of this writing. The increase has come after the merger of VPC holdings with Bakkt, a digital asset firm. On Friday, VIH closed the day at $9.36 after declining 1.06% during regular trading hours.
VIH merger with BKKT
On 14th October, VIH announced that its shareholders approved the previously announced business combination with Bakkt Holdings, LLC, a digital asset marketplace founded in 2018. About 85.1% of the votes were in favor of the business combination with Bakkt. The business combination was expected to close on 15th October 2021, subjected to the satisfaction or waiver of customary closing conditions. The company said that upon closing of the combination, the combined company’s class A common stock and warrants are expected to begin trading at New York Stock Exchange under the ticker symbol BKKT and BKKT WS respectively from 18th October 2021. The company said that the formal results of the voting were to be included in the current report on Form 8-K, which had to be filed with SEC.
Q2 2021 financials
On 13th August, VIH reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $861,171 on 30th June. The total assets in possession of the company were approximately $208.44 million, while total liabilities were about $42.72 million. The total expenses bore by the company during the period were $1.18 million against $3.58 million for the same period of 2020. The company suffered a loss of $1.18 million from the operations against a loss of $3.58 million from the operations in the same period of 2020. The net income for the period was approximately $21.26 million against the net loss of $12.40 million for the same period of 2020. The net income per basic and diluted share for the period was $4.10 against the net loss of $2.40 for the basic and diluted share during the same period of 2020.
What lies ahead for VIH?
The merger of VIH with BKKT could prove fruitful for both of the companies, according to the investors. For them, potential investors should keep a close eye on the latest developments and take an informed decision regarding their investments.
