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  "documentTitle": "Bakkt | SPAC Presentation Deck | 34 slides",
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  "notes": "The slide outlines a SPAC merger structure including PIPE investment and pro forma ownership percentages.",
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      "text": "(1) Pro forma cash includes $92 million of cash on Bakkt balance sheet. Minimum cash condition is $425 million. (2) Active users are users which have connected their bank account to the Bakkt App.",
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      "text": "Transaction Overview: VPC Impact Acquisition Holdings (Ticker: VIH) to combine with Bakkt in an UP-C structure; PIPE size $325M with $50M from ICE.",
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      "text": "Fully Funded Plan: No additional equity capital required; positive cash flow expected in 2023.",
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      "text": "Sources and Uses of Funds: $574M pro forma cash; 100k active users, 350k waitlist; 100% rollover by existing shareholders.",
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      "text": "Valuation / Pro Forma Ownership: $2.1B post-merger enterprise value; 78% Bakkt rollover, 12% PIPE, 8% SPAC public, 2% sponsor; ICE 65% economic interest.",
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