On May 2, 2024, Bakkt Holdings, Inc. announced a reduction in force that is expected to result in the termination of 28 employees, which represents approximately 13% of the Company?s non-call center, full-time workforce. The reduction in force is a component of a broader strategic review of the Company?s operations that is intended to more effectively align resources with business priorities. Substantially all of the employees impacted by the reduction in force were notified of the reduction on May 2, 2024 and will exit the Company in the second quarter of 2024.

The Company estimates that it will incur expenses in a range of $0.8 million to $1.0 million related to the reduction in force, substantially all of which will relate to employee severance and benefits costs and will be recognized in the second quarter of 2024.