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Bolt Projects Holdings, Inc., an industrial organic chemicals firm, has been notified by The Nasdaq Stock Market LLC of a potential delisting due to non-compliance with market value requirements.
On February 10, 2025, the company received two letters from Nasdaq's Listing Qualifications Department indicating that the company's common stock had not met the minimum market value of listed securities and publicly held shares for 30 consecutive business days. According to InvestingPro data, the company's current market capitalization stands at just $39.78 million, with the stock price showing significant volatility over the past year.
The company's common stock value fell below the $50 million threshold, and the market value of publicly held shares dropped under $15 million, both required for continued listing on The Nasdaq Global Market. Despite this, Bolt Projects Holdings' stock, traded under the ticker BSLK, will remain listed on Nasdaq during the 180-day grace period ending on August 11, 2025. InvestingPro analysis reveals the stock has experienced an 88% decline over the past year, though it has shown a remarkable 278% surge in the past week.
During this period, the company must raise its market value of listed securities to $50 million and its publicly held shares to $15 million, each for at least ten consecutive business days, to regain compliance. If unsuccessful, the company's stock could be delisted, although Bolt Projects Holdings would have the right to appeal or transition to The Nasdaq Capital Market if it meets those listing requirements. InvestingPro subscribers can access 12 additional key insights about BSLK's financial health and market performance.
The company plans to actively monitor its market value and consider options to regain compliance. However, there is no certainty that Bolt Projects Holdings will meet the necessary criteria or maintain compliance with other Nasdaq listing rules.
In other recent news, Bolt Projects Holdings, Inc. has secured a significant funding boost through a private placement of equity securities. The company has agreed to a private placement, amassing approximately $360,000 in funding via the sale of common stock to a group of investors that includes top executives and board members.
The sale involves over a million shares of common stock, priced at $0.34 per share. Notably, the transaction is exempt from registration under the Securities Act of 1933.
In addition to this financial development, there have been changes in the company's board. Daniel Steefel has stepped down from his position on the board of directors and the audit committee. The company has confirmed that his resignation is not due to any disagreement with the company's operations, policies, or practices.
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