M&A - Bolt Projects Holdings, Inc.

Form Type: 10-Q

Filing Date: 2025-05-12

Corporate Action: Merger

Type: Update

Accession Number: 000184112525000075

Filing Summary: Bolt Projects Holdings, Inc. filed this quarterly report on Form 10-Q for the period ending March 31, 2025. The company, previously known as Golden Arrow Merger Corp., has undergone significant changes, including its recent merger with Bolt Threads, Inc. The report includes unaudited condensed consolidated financial statements alongside management's discussion of financial condition and results of operations. Key financial highlights report substantial losses and a need for significant capital raises, casting doubt on the company's ability to sustain its operations. Notably, the company relies heavily on a single manufacturing partner for its Vegan Silk Technology Platform, contributing to the potential risks associated with business continuity. The report also discusses various market risks and the heavy competition faced by its innovative products, which further complicate its financial outlook. Additionally, the document outlines developments and processing relating to warrants and equity securities, as well as details on the completion of contracts that influence revenue streams and partnerships. A thorough examination reveals ongoing challenges in maintaining effective internal controls over financial reporting and the associated risks.