05:00 PM EDT, 05/03/2024 (MT Newswires) -- Bakkt Holdings ( BKKT/WS ) said Friday it is laying off 28 employees, or 13% of its non-call center, full-time workforce.

The move is part of "a broader strategic review of the company's operations that is intended to more effectively align resources with business priorities," according to a regulatory filing.

The company expects to incur expenses of $800,000 to $1 million related to the workforce reduction that will be recognized in Q2, mostly involving employee severance and benefits costs.

Additionally, Bakkt ( BKKT/WS ) said Charles Goodroe resigned as chief accounting officer, effective May 22.

Chief Financial Officer Karen Alexander will assume the role of principal accounting officer.

Shares of the company rose 2.2% in recent after-hours trading.

Price: 6.64, Change: +0.14, Percent Change: +2.15