Bakkt slides after $48 million direct stock deal

Crypto firm Bakkt's BKKT.N shares slide 8.6% to $9.51

BKKT sold 3 million shares and pre-funded warrants to purchase up to 2.48 million shares in a registered direct offering at $8.75 apiece to raise $48.1 million

Offering priced at 15.9% discount to stock's last close

Proceeds will be used for working capital, strategic initiatives, and general purposes

Cohen & Company Capital Markets was sole placement agent for offering

BKKT will have ~30.6 million outstanding shares after the offering, according to prospectus

BKKT stock down 4.9% YTD