TIDMVSL

RNS Number : 2750Q

VPC Specialty Lending Invest. PLC

26 October 2021

VPC Specialty Lending Investments PLC (the "Company")

Update Regarding its Holding in VPC Impact Acquisition Holdings Sponsor, LLC

The Company notes that on 15 October 2021, Bakkt Holdings, LLC, the digital asset marketplace founded in 2018, announced that it completed the previously announced business combination with VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor, LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"). The combined company now operates as Bakkt Holdings, Inc. ("Bakkt, " the "Company"), and Bakkt's shares of Class A common stock and warrants began trading on the New York Stock Exchange under the ticker symbols "BKKT" and "BKKT WS", respectively, on 18 October 2021. Through VPC Sponsor, VPC Specialty Lending Investments PLC owns 2,220,530 Class B Shares and 2,697,467 private placement warrants, with a cost basis of US$2,713,994. For more information on the business combination, please find the press release here .

Upon the consummation of the transaction, the Company's Class B Shares were automatically converted into one share of Class A Common Stock of Bakkt. As disclosed in the June newsletter, these shares are valued at the closing price as of the valuation date, with a discount applied through the post-close lock up period. As at 31 August 2021, Company valued the common stock at US$15,528,166, a 30% discount to the closing price of US$9.99. The Company's Class A Common Stock shall be subject to a one-year post-closing lockup unless otherwise accelerated based on average trading performance measured six months post-closing.

The private placement warrants, which differ from the publicly listed warrants, maintain a US$11.50 per share strike price, provide for cashless exercise and expire five years after closing of the transaction. The private placement warrants continued to be valued using an option pricing model. As at 31 August 2021, the Company valued the private placement warrants at US$5,902,096.

Enquiries

For further information, please contact:

 
 Victory Park Capital                      via Jefferies or Winterflood 
  Brendan Carroll (Senior Partner and       (below) 
  Co-Founder)                               info@vpcspecialtylending.com 
  Gordon Watson (Partner) 
 
   Jefferies International Limited           Tel: +44 20 7029 8000 
 Stuart Klein 
  Neil Winward 
 Gaudi le Roux 
 Winterflood Securities Limited            Tel: +44 20 3100 0000 
 Neil Morgan 
  Chris Mills 
 
   Link Company Matters Limited (Company     Tel: +44 20 7954 9567 
   Secretary)                                Email: VPC@linkgroup.co.uk 
 

About VPC Specialty Lending Investments PLC

VPC Specialty Lending Investments PLC (Company No. 9385218) is a UK listed investment trust focused on asset-backed lending to emerging and established businesses with the goal of building long-term, sustainable income generation. The Company identifies investment opportunities across various industries and geographies to offer shareholders access to a diversified portfolio of opportunistic credit investments originated by non-bank lenders with a focus on the rapidly developing technology-enabled lending sector.

Further information on VPC Specialty Lending Investments PLC is available at : http://vpcspecialtylending.com .

LEI: 549300UPEXC5DQB81P34

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October 26, 2021 04:25 ET (08:25 GMT)

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