Sponsor Golden Arrow sold $253,198 worth of Bolt projects holdings shares By Investing.com
Golden Arrow Sponsor, LLC, a significant shareholder in Bolt Projects Holdings, Inc. (NASDAQ:BSLK), recently sold a significant amount of its common stock. 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 shares have shown significant volatility, with prices falling by 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 approximately $0.5079 per share. Total sales were $253,198. Shares are currently trading at $0.48, which is still slightly below transaction prices InvestingPro analysis shows that the stock is up 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 company, controlled by Timothy Babich, Jacob Doft, Lance Hirt and Andrew Rechtschaffen, still holds a significant stake in the company, despite the recent sales. InvestingPro subscribers can access 12 additional investment tips and comprehensive financial indicators 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 PIPE Investment issuing over 464,000 new shares at a price of $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 also faces a potential delisting from the Nasdaq stock exchange for failing to meet minimum bid price requirements. The company has until May 2025 to regain compliance by ensuring that its common stock reaches a closing bid of at least $1.00 for ten consecutive business days. Bolt Projects is actively considering options to address this issue, but there is no guarantee of compliance within the initial period or any extension.
These are the latest developments for Bolt Projects Holdings, a company specializing 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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