0000000000-21-007517.txt : 20211022 0000000000-21-007517.hdr.sgml : 20211022 20210617183004 ACCESSION NUMBER: 0000000000-21-007517 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210617 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Bakkt Holdings, Inc. CENTRAL INDEX KEY: 0001820302 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 981550750 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 10000 AVALON BOULEVARD, SUITE 1000 CITY: ALPHARETTA STATE: GA ZIP: 30009 BUSINESS PHONE: 678-534-5849 MAIL ADDRESS: STREET 1: 10000 AVALON BOULEVARD, SUITE 1000 CITY: ALPHARETTA STATE: GA ZIP: 30009 FORMER COMPANY: FORMER CONFORMED NAME: VPC Impact Acquisition Holdings DATE OF NAME CHANGE: 20200805 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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filename2.txt United States securities and exchange commission logo June 17, 2021 Scott R. Zemnick General Counsel VPC Impact Acquisition Holdings c/o Victory Park Capital Advisors, LLC 150 North Riverside Plaza, Suite 5200 Chicago, IL 60606 Re: VPC Impact Acquisition Holdings Amendment No. 1 to Registration Statement on Form S-4 Filed May 25, 2021 File No. 333-254935 Dear Mr. Zemnick: We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our April 19, 2021 letter. Amendment No. 1 to Registration Statement on Form S-4 Questions and Answers for Shareholders of VIH, page 12 1. We note your response to prior comment 1. Please add disclosure to the Q&A section or the summary explaining that although ICE will beneficially own approximately 65% of Bakkt Pubco common stock following the business combination, the company will not be a controlled company under the applicable rules of the NYSE because of the terms of the voting agreement between ICE and Bakkt Pubco. Scott R. Zemnick FirstName LastNameScott R. Zemnick VPC Impact Acquisition Holdings Comapany June NameVPC Impact Acquisition Holdings 17, 2021 June 17, Page 2 2021 Page 2 FirstName LastName Projected Financial Information, page 160 2. Please consider revising the column labeled as revenue to use a more appropriate description. Revenue in this table appears to include the asset value of the cryptocurrency and defining that value as revenue is contrary to your response to prior comment no. 8. Alternatively, consider presenting the asset value in a separate column that does not imply that the amount is revenue. Management's Discussion & Analysis of Financial Condition and Results of Operations of Bakkt Key Factors Affecting Our Performance, page 284 3. In response to prior comment 5, you revised your disclosures to state Bakkt has over 250 partners currently accessible through the platform. Additionally, you disclose in your results of operations that revenue materially increased due to the expansion of your loyalty business. Given the material increase, please disclose the partners accessible for all periods presented. Results of Operations, page 287 4. We have reviewed your response to prior comment 6. Please include the reconciliation of Bridge2 Solutions revenue included in Bakkt s consolidated statements of operations from February 22, 2020 through December 31, 2020 to Bakkt s reported revenue of $28,495K for the year ended December 31, 2020 in your Results of Operations. Bakkt Holdings, LLC Revenue recognition, page F-59 5. We continue to consider your response to prior comment 8 and may have further comments. You may contact Amanda Kim, Senior Staff Accountant, at (202) 551-3241 or Stephen Krikorian, Accounting Branch Chief, at (202) 551-3488 if you have questions regarding comments on the financial statements and related matters. Please contact Matthew Crispino, Staff Attorney, at (202) 551-3456 or Jan Woo, Legal Branch Chief, at (202) 551-3453 with any other questions. Sincerely, Division of Corporation Finance Office of Technology cc: Era Anagnosti