Bolt Projects Stock Down 40% After Announcing Securities Purchase Agreement

Bolt Projects (BSLK) stock is down 40% today after announcing a securities purchase agreement with certain investors, selling 913,979 shares of BSLK stock or pre-funded warrants at $4.65 each. The funds will be used for general corporate purposes. The stock has increased 48.55% year-to-date but was down 87.53% over the past 12 months.

Bolt Projects Holdings Inc. (BSLK), a shell company focused on strategic mergers and acquisitions, saw its stock plummet by 40% today following the announcement of a securities purchase agreement. The company sold 913,979 shares of BSLK stock or pre-funded warrants at $4.65 each, raising approximately $4.26 million. The funds will be used for general corporate purposes.

Despite the recent decline, BSLK has shown remarkable year-to-date growth, with a 48.55% increase. However, the stock has been on a downward trajectory over the past 12 months, falling by 87.53%. This significant volatility reflects the company's ongoing efforts to secure strategic partnerships and mergers within the SPAC landscape.

Key developments in the company's financial performance include:

- Q2 2025 Financial Results: BSLK reported a 23x year-over-year surge in revenues from its Vegan Silk Technology Platform, reaching $1.3 million. The company achieved positive gross margins and projected a gross profit of $0.5 million for 2025 and $1.0 million for 2026. However, the quarter ended with a net loss of $4.6 million [1].
- Q1 2025 Financial Results: Revenue from the Vegan Silk Technology Platform increased nine-fold year-over-year to $0.2 million, with breakeven gross margins. The company projects revenues of $4.5 million for 2025 and $9.0 million for 2026. Despite a net loss of $6.0 million, the company showed improvement compared to Q1 2024 [1].
- Strategic Partnerships: BSLK has secured partnerships with major beauty conglomerates and entered a non-binding term sheet for financing from Ascent Partners. The company also converted $1.7 million in vendor payables to equity [1].

The latest securities purchase agreement is a significant step for BSLK, as it seeks to strengthen its financial position and support its ongoing strategic initiatives. However, the stock's recent decline underscores the challenges and uncertainties faced by SPACs in the current market environment.

Reference List:
[1] https://www.stocktitan.net/news/BSLK/
[2] https://www.investing.com/news/insider-trading-news/golden-arrow-sponsor-sells-bolt-projects-bslk-shares-worth-142k-93CH-4190541