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Bolt Projects Holdings, Inc. (NASDAQ:BLSK), a company specializing in perfumes, cosmetics, and other toilet preparations, announced the approval of a reverse stock split following a special meeting of stockholders. The company, currently trading at $0.25 with a market capitalization of just $8.94 million, has seen its stock price decline by over 97% in the past year. According to InvestingPro analysis, BLSK operates with a significant debt burden and shows weak financial health metrics. On Monday, the company's Board of Directors approved a 1-for-20 reverse stock split of the company's common stock, which will take effect on April 17, 2025, at 5:00 p.m. ET.
The reverse stock split was one of two proposals voted on during the special meeting held on April 9, 2025. Approximately 61.4% of the common stock outstanding as of the February 10, 2025 record date was present or represented by proxy. The first proposal, which included the reverse stock split, received overwhelming support with 20,689,702 votes in favor. The second proposal, to adjourn the special meeting if necessary to solicit additional proxies, was also approved but was not needed as the first proposal passed without issue. InvestingPro data reveals the company is quickly burning through cash, with negative free cash flow and EBITDA of -$41.61 million in the last twelve months.
As a result of the reverse stock split, every 20 shares of Bolt Projects Holdings' common stock issued and outstanding will be automatically converted into one share of common stock. The company's common stock will begin trading on a split-adjusted basis on April 21, 2025, under the existing ticker symbol "BLSK" and a new CUSIP number. No fractional shares will be issued; instead, stockholders will receive a cash payment for the fractional share based on the closing price of the common stock on April 17, 2025.
The reverse stock split will also proportionally adjust the number of shares of common stock underlying the company's outstanding warrants and equity awards, as well as the shares issuable under the company's equity incentive plans and existing agreements, including the exercise price where applicable.
This move is part of the company's efforts to meet continued listing requirements on The Nasdaq Stock Market. Bolt Projects Holdings' public warrants will continue to trade on Nasdaq under the ticker symbol "BLSKW" with the same CUSIP number. With a concerning Altman Z-Score of -63.51 and gross profit margins of -6.77%, investors seeking deeper insights into BLSK's financial health can access additional analysis and 8 more key ProTips through InvestingPro.
The information provided in this article is based on a press release statement.
In other recent news, Bolt Projects Holdings has revised its revenue outlook for 2025 to $4.5 million, according to a regulatory filing. This update aligns with the company's earnings release and revises the previous forecast shared in its Fourth Quarter 2024 Shareholder Letter. Additionally, Bolt Projects Holdings has appointed Christine Battist as a new member of its Board of Directors and the chairperson of the Audit Committee. Ms. Battist's appointment fills a vacancy and her term will expire at the 2026 annual meeting of stockholders. In another development, the company faces a potential delisting from The Nasdaq Stock Market due to non-compliance with market value requirements. Bolt Projects Holdings has been given a 180-day grace period to meet the necessary market value thresholds to maintain its listing. The company is actively monitoring its market value and exploring options to regain compliance. These recent developments are based on the latest filings with the Securities and Exchange Commission.
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