SCHEDULE: Temasek Affiliates Disclose 3% Passive Stake in Bolt Projects

Temasek Holdings and its subsidiaries, Tembusu Capital, Thomson Capital, and Anderson Investments, have disclosed a 3.0% passive beneficial ownership stake in Bolt Projects Holdings, Inc.

Summary

• Temasek Holdings (Private) Limited, along with its subsidiaries Tembusu Capital Pte. Ltd., Thomson Capital Pte. Ltd., and Anderson Investments Pte. Ltd. (collectively, the "Reporting Persons"), have filed an Amendment No. 1 to Schedule 13G.
• The filing discloses beneficial ownership of 123,593 shares of common stock in Bolt Projects Holdings, Inc.
• This represents 3.0% of the issuer's common stock outstanding.
• The percentage is calculated based on 4,084,493 shares of common stock outstanding as of October 20, 2025, as reported in the issuer's Definitive Proxy Statement on Schedule 14A filed on October 27, 2025.
• Anderson Investments Pte. Ltd. directly owns the shares, and its parent companies (Thomson, Tembusu, and Temasek) are deemed to beneficially own them due to the hierarchical ownership structure.
• The Reporting Persons affirm that the securities were not acquired and are not held for the purpose of changing or influencing the control of Bolt Projects Holdings, Inc., indicating a passive investment strategy.

Sentiment

Score: 6

Explanation: The disclosure of a passive 3.0% stake by a major institutional investor like Temasek Holdings (through its subsidiaries) is generally a neutral to slightly positive signal, indicating some level of confidence in the issuer without suggesting immediate strategic changes or control influence.

Positives

• A significant institutional investor, Temasek Holdings (via its subsidiaries), holds a stake in Bolt Projects Holdings, Inc., which can be seen as a vote of confidence.
• The investment is declared as passive, indicating no immediate intent to disrupt current management or strategy.

Risks

• The filing explicitly states that the securities were not acquired or held for the purpose of changing or influencing control, mitigating a common risk associated with large ownership disclosures.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May view the presence of a reputable institutional investor as a positive signal, potentially increasing confidence in the stock.
• Management: The passive nature of the investment suggests no immediate pressure or change in strategy from this shareholder group.

Key Dates

Recommendation

A Schedule 13G filing, particularly one disclosing a passive 3.0% stake, provides limited information for a definitive investment recommendation. While the presence of a reputable institutional investor like Temasek (via its subsidiaries) can be seen as a positive indicator of underlying value, the passive nature of the investment means it does not signal any immediate strategic catalysts or changes in control that would warrant a 'buy' or 'sell' recommendation based solely on this filing. Investors should 'hold' and consider this information in conjunction with the company's financial performance, strategic initiatives, and broader market conditions.

Keywords

Bolt Projects Holdings, Temasek Holdings, Tembusu Capital, Thomson Capital, Anderson Investments, Schedule 13G, beneficial ownership, common stock, passive investment, Singapore