Form 4: Bolt Projects Holdings Director Reports Acquisition of Shares Through Business Combination
SEC Form 4
Director Lance L. Hirt reports acquisition of Bolt Projects Holdings shares following a business combination and conversion of promissory notes.
Summary
- On March 16, 2023, Lance L. Hirt indirectly acquired 7,047,500 shares of Class A Common Stock due to the conversion of Class B Common Stock held by Golden Arrow Sponsor, LLC.
- On August 13, 2024, Hirt indirectly acquired 2,615,202 shares of common stock through the conversion of convertible promissory notes issued by Bolt Threads, Inc., following the closing of a business combination.
- After these transactions, Hirt indirectly beneficially owns 9,662,702 shares of Common Stock.
- The shares are held directly by Golden Arrow Sponsor, LLC, which is controlled by Hirt, Timothy Babich, Jacob Doft, and Andrew Rechtschaffen.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive as it reflects the completion of a business combination and conversion of securities, which are generally positive events. However, it's a routine filing, so the impact is limited.
Positives
- The conversion of promissory notes into common stock indicates confidence in the company's future.
Industry Context
The filing reflects activity related to a business combination, a common occurrence in the current market as companies seek to go public through alternative routes.
Stakeholder Impact
- The increased share ownership by a director could signal confidence to shareholders.
- The business combination impacts employees of both Bolt Threads and Golden Arrow Merger Corp.
Key Dates
| Date | Description |
|---|---|
| 03/16/2023 | Conversion of 7,047,500 shares of Class B common stock to Class A common stock. |
| October 2023 | Issuance of convertible promissory notes by Bolt Threads, Inc. |
| 10/04/2023 | Date of the business combination agreement between Golden Arrow Merger Corp., Beam Merger Sub, Inc., and Bolt Threads. |
| 08/13/2024 | Conversion of 2,615,202 shares of common stock from convertible promissory notes. |
| 08/15/2024 | Date of the report filing. |
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