Golden Arrow Sponsor, LLC, a major shareholder of Bolt Projects Holdings, Inc. (NASDAQ:BSLK), recently sold a significant 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 According to the data, BSLK stock has shown high volatility, with the price falling by more than 95% in the past year. The company's market capitalization is currently around $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, when 278,856 shares were sold at a weighted average price of approximately $0.5079 per share. Combined sales were $253,198. The stock is currently trading at $0.48, just below transaction prices InvestingPro Analysis shows that the stock is up more than 58% in the past week alone.
Following these transactions, the Gold Sponsor retains ownership of 9,162,702 shares in Bolt Projects Holdings. The company, controlled by Timothy Babich, Jacob Doft, Lance Hurt, and Andrew Rechtshafen, still owns 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 offering of 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 more than 464,000 new shares at a price of $10.00 per share. The company also underwent oversight and corporate governance changes, 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 possible delisting from the Nasdaq stock exchange for non-compliance with minimum bid price requirements. The company has until May 2025 to regain compliance by ensuring its common stock reaches a closing price of at least $1.00 for ten consecutive business days. Bolt Projects is actively examining options to resolve this issue, but there is no guarantee of compliance during the initial period or any extension.
These are the latest developments from Bolt Projects Holdings, a company specializing in industrial organic chemicals. The company's activities and changes reflect its ongoing efforts to secure financing, maintain compliance with market standards and simplify the corporate structure.
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