SCHEDULE: Foundation Capital Updates Bolt Projects Holdings Stake

Foundation Capital entities have updated their beneficial ownership in Bolt Projects Holdings, Inc., collectively holding 3.1% of common stock.

Summary

• Foundation Capital VI, L.P. (FC6) beneficially owns 114,242 shares of Bolt Projects Holdings, Inc. common stock, representing 3.1% of the class.
• Foundation Capital VI Principals Fund, L.L.C. (FC6P) beneficially owns 1,277 shares, representing 0.0% of the common stock.
• Foundation Capital Management Co. VI, L.L.C. (FCM6) beneficially owns an aggregate of 115,519 shares, also representing 3.1% of the common stock, as it is the general partner of FC6 and the manager of FC6P.
• The reported ownership percentages are based on 3,706,197 shares of common stock outstanding as of September 22, 2025.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a passive investment intent by the reporting persons.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership and does not contain information that would significantly alter the perceived sentiment towards the company's performance or prospects. It is neutral in nature.

Positives

• The presence of Foundation Capital, a venture capital firm, as an institutional investor provides external validation of Bolt Projects Holdings, Inc.'s potential.
• The Schedule 13G filing signifies a passive investment intent, implying no immediate plans to influence or change the control of the issuer, which can contribute to management stability.

Negatives

• The filing does not provide comparative data from previous disclosures, making it difficult to ascertain if the beneficial ownership percentage has increased or decreased from prior periods.
• The aggregate beneficial ownership of 3.1% by Foundation Capital Management Co. VI, L.L.C. is below the 5% threshold often associated with significant investor influence.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• Warren M. Weiss, Managing Member of Foundation Capital Management Co. VI, L.L.C., certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing represents a routine disclosure of institutional investment by a venture capital firm in a publicly traded company. Such disclosures provide transparency regarding significant ownership stakes and are common within the financial industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding the ownership structure and the passive investment intent of a significant institutional holder.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by Foundation Capital entities in Bolt Projects Holdings, Inc. It indicates a passive investment stake of 3.1% and does not contain information related to the company's financial performance, strategic direction, or operational updates that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the filing provides no new fundamental data to alter an existing investment thesis.

Keywords

Bolt Projects Holdings, Foundation Capital, Schedule 13G, beneficial ownership, common stock, institutional ownership, passive investment