Golden Arrow Sponsor, LLC, a significant shareholder in Bolt Projects Holdings, Inc. (NASDAQ:BSLK), recently sold a substantial amount of its common stock holdings. The transactions, disclosed in a recent SEC filing, took place over two days, with a total of 500,000 shares sold. According to InvestingPro data, BSLK's stock has shown significant volatility, with the price falling over 95% in the past year. The company currently has a market capitalization of approximately $16 million.
On December 27, Golden Arrow sold 221,144 shares at a weighted average price of approximately $0.5045 per share. This transaction was followed by another sale on December 30, where 278,856 shares were sold at a weighted average price of about $0.5079 per share. The combined sales amounted to $253,198. The stock currently trades at $0.48, slightly below the transaction prices, though InvestingPro analysis shows the stock has gained over 58% in the past week alone.
Following these transactions, Golden Arrow Sponsor retains ownership of 9,162,702 shares of Bolt Projects Holdings. The firm, controlled by Timothy Babich, Jacob Doft, Lance Hirt, and Andrew Rechtschaffen, continues to hold a significant stake in the company, despite the recent sales. InvestingPro subscribers can access 12 additional investment tips and comprehensive financial metrics for BSLK to better understand the company's current position and future prospects.
In other recent news, Bolt Projects Holdings announced a private placement of equity securities, raising approximately $360,000 through the sale of common stock to a group of investors. This development follows the company's recent business combination with Old Bolt, which resulted in the issuance of new shares and a PIPE Investment issuing over 464,000 new shares at $10.00 per share. The company also underwent changes in control and corporate governance, welcoming a new team of directors and executive officers, and changing its independent registered public accounting firm from WithumSmith+Brown, PC to Elliott Davis, PLLC.
Bolt Projects Holdings is also facing potential delisting from Nasdaq due to non-compliance with the minimum bid price requirement. The company has until May 2025 to regain compliance by ensuring its common stock reaches a closing bid price of at least $1.00 for ten consecutive business days. Bolt Projects is actively considering options to resolve this issue, but there is no guarantee of compliance within the initial period or any extension.
These are the recent developments for Bolt Projects Holdings, a company specialized in industrial organic chemicals. The company's activities and changes reflect its ongoing efforts to secure funding, maintain compliance with market standards, and streamline its corporate structure.
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