Crypto holding firm Bakkt faces delisting if shares stay below $1.

The New York Stock Exchange (NYSE) has threatened to cancel crypto protection and trading platform Bakkt if the average closing share price does not return above $1.

In a March 13 press release, Buckett informed the NYSE that it was not complying with the stock exchange's listing rules because its share price had closed below $1 on average during the previous 30-day trading period.

Bakkt closed trading at 60 cents on March 13, up 2.8% on the day, but fell 42% from its monthly high of more than $1. At one point in late October 2021, it was trading above $40, according to Google Finance.

Bakkt “to heal the stock price deficit and return to compliance” with the NYSE's criteria and consideration – shareholder approval – reverse stock split, existing shares are combined together with the purpose of increasing their value.

It has six months to get back on track, and Bakkt says it can “return to compliance at any time” during the six-month cure period if it has the last trading day of any calendar month and a $1 share price. Average share price of at least $1 during the 30 trading day period ending on the last trading day of that month.

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Intercontinental Exchange (ICE), which owns the NYSE, founded Bakkt in 2018 and is the majority owner of the crypto company. A crypto firm listed on the NYSE in October 2021.

At launch, Bakkt positioned itself as a platform for institutions to buy, sell, store and withdraw crypto, and once had a retail app – it never took off in February 2023 amid a sea of ​​competing crypto exchanges.

Bakkt has reported eight back-to-back quarterly net losses since listing and warned in early February that it may not have enough cash to stay in business for the next 12 months.

The crypto platform received regulatory approval on February 14 to offer $150 million in new shares to try to raise cash.

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