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Bolt Projects Holdings, Inc. (NASDAQ:BSLK), a company specializing in industrial organic chemicals, announced the appointment of Christine Battist as a new member of its Board of Directors and the chairperson of the Audit Committee, effective February 20, 2025. This addition to the board fills a vacancy and positions Battist as a Class II director with a term expiring at the 2026 annual meeting of stockholders. The appointment comes as the company faces significant market challenges, with InvestingPro data showing the stock has declined over 96% in the past year, currently trading at $0.41.
Ms. Battist’s appointment was confirmed by the company’s Board of Directors on the same day. She will be entitled to cash and equity compensation as per the company’s Non-Employee Director Compensation Program, which is detailed in the company’s prospectus filed with the SEC on September 23, 2024. According to InvestingPro analysis, the company maintains a healthy current ratio of 2.12, indicating strong short-term liquidity, though it faces challenges with cash burn and weak gross profit margins of 12.5%.
The company, headquartered at 2261 Market Street, Suite 5447, San Francisco, CA, also indicated that Ms. Battist is expected to sign the standard form indemnification agreement, akin to the one included in the company’s Registration Statement filed on July 10, 2024. With a market capitalization of $13.1 million and revenue of $1.49 million in the last twelve months, BSLK operates in a challenging market environment. Discover more key metrics and 12 additional exclusive insights with an InvestingPro subscription.
Bolt Projects Holdings, previously known as Golden Arrow Merger Corp. before a name change on January 19, 2021, is incorporated in Delaware and operates under the industrial classification of Industrial Organic Chemicals. The company’s common stock and warrants are traded on The Nasdaq Stock Market under the symbols BSLK and BSLKW, respectively.
This corporate update is based on the latest 8-K filing with the United States Securities and Exchange Commission by Bolt Projects Holdings, Inc. The filing provides investors with information regarding the company’s recent board-level changes and is part of the company’s ongoing reporting obligations.
In other recent news, Bolt Projects Holdings, Inc. has been notified by The Nasdaq Stock Market LLC of a potential delisting due to non-compliance with market value requirements. The company must increase its market value of listed securities to $50 million and its publicly held shares to $15 million to maintain its listing. Despite this challenge, Bolt Projects Holdings has entered into a private placement agreement, raising approximately $360,000 through the sale of common stock to investors, including key executives and board members. This transaction is expected to close soon, providing the company with additional capital. Additionally, the company announced changes to its board of directors, with Daniel Steefel resigning from the board and audit committee. The resignation was not related to any disagreements with the company’s operations or policies. These developments are part of the company’s efforts to address its financial and governance challenges.
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