Bakkt shares plunge 35% after losing Bank of America and Webull as clients
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On March 18, crypto trading and custody company Bakkt Holdings (BKKT) disclosed that Bank of America (BAC) and Webull Pay have not renewed their contracts, causing the stock to plummet 35% after the market close on Monday, falling to $12.83. According to the agreement, Bank of America's contract will terminate on April 22, and the Webull partnership will end on June 14. In addition, Bakkt has applied to the U.S. Securities and Exchange Commission (SEC) for an extension to submit its 2024 annual report.
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