[Form 4] Golden Arrow Merger Corp. Warrant Insider Trading Activity

Rhea-AI Filing Summary

Bolt Projects Holdings, Inc. (BSLK) reported that Golden Arrow Sponsor, LLC (identified as a Director) sold a total of 45,197 common shares across three transactions on 08/11/2025, 08/12/2025 and 08/13/2025. The weighted-average prices reported were $2.1254, $2.1326 and $3.378, with execution prices disclosed to range from $2.06 to $3.47. After the reported sales, the filing shows the Reporting Person beneficially owned 1 share.

The Form 4 is signed by Andrew Rechtschaffen and includes a disclosure that Golden Arrow Sponsor, LLC is controlled by Timothy Babich, Jacob Doft, Lance Hirt and Andrew Rechtschaffen, who disclaim beneficial ownership except to the extent of pecuniary interest. No derivative transactions were reported in Table II. The filer offers to provide detailed per-price breakdowns on request.

Positive

• Transparent reporting: weighted-average prices provided and an undertaking to supply per-price sale details on request
• Regulatory compliance: Form 4 is signed and includes control/disclaimer footnotes clarifying ownership structure

Negative

• Large insider disposition: Golden Arrow Sponsor, LLC sold a total of 45,197 common shares across 08/11/2025–08/13/2025
• Beneficial ownership reduced to 1 share: the filing shows the Reporting Person now beneficially owns 1 share following the transactions
• Concentrated sales over consecutive days: sales executed at prices ranging $2.06 to $3.47, signaling a material reduction in insider holdings

Insights

Financial Analyst

TL;DR: A director-level reporting entity sold 45,197 shares over three days, leaving one share beneficially owned, which is a material disposition.

The transactions represent an outright disposal of the vast majority of the reporting entity's common-stock holdings in Bolt Projects, occurring at weighted-average prices between $2.13 and $3.38 and overall execution prices between $2.06 and $3.47. Such concentrated insider selling over consecutive days is material information for investors because it meaningfully reduces insider exposure. The Form 4 discloses controlling parties and includes an offer to provide per-price sale details, which aids transparency but does not explain the rationale behind the sales.

Corporate Governance Expert

TL;DR: Compliance appears complete and transparent, but the near-total divestiture by a director raises governance and signaling questions.

The filing follows Section 16 requirements and provides weighted-average prices plus a commitment to supply per-transaction details on request, indicating procedural compliance. Footnotes clarify the sponsor's control structure and disclaimers by named individuals. From a governance perspective, reducing beneficial ownership to one share by an entity associated with directors is notable and may warrant board disclosure or investor inquiry, though the filing itself contains no stated reason for the sales.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Golden Arrow Sponsor, LLC

(Last) (First) (Middle)

C/O BOLT PROJECTS HOLDINGS, INC.

2261 MARKET STREET, SUITE 5447

(Street)

SAN FRANCISCO CA 94114

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bolt Projects Holdings, Inc. [ BSLK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/11/2025		S		4,953	D	$2.1254(1)	40,245	D(2)
Common Stock	08/12/2025		S		3,579	D	$2.1326(3)	36,666	D(2)
Common Stock	08/13/2025		S		36,665	D	$3.378(4)	1	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price of the shares sold. These shares were sold in multiple transactions at prices ranging from $2.0600 to $2.1800, inclusive. The Reporting Person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

2. The securities are held directly by the Reporting Person. The Reporting Person is controlled by Timothy Babich, Jacob Doft, Lance Hirt and Andrew Rechtschaffen. Accordingly, Messrs. Babich, Doft, Hirt and Rechtschaffen share voting and dispositive power over these securities held by the Reporting Person and may be deemed to beneficially own such shares. Each of Messrs. Babich, Doft, Hirt and Rechtschaffen disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. The price reported is a weighted average price of the shares sold. These shares were sold in multiple transactions at prices ranging from $2.1000 to $2.2000, inclusive. The Reporting Person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

4. The price reported is a weighted average price of the shares sold. These shares were sold in multiple transactions at prices ranging from $3.2600 to $3.4700, inclusive. The Reporting Person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares sold at each separate price.

	/s/ ANDREW RECHTSCHAFFEN	08/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Bolt Projects (BSLK) shares were sold by the reporting person on Form 4?

The Form 4 reports a total sale of 45,197 common shares across three transactions on 08/11/2025, 08/12/2025 and 08/13/2025.

At what prices were the BSLK shares sold according to the Form 4?

The filing reports weighted-average prices of $2.1254, $2.1326 and $3.378, and discloses trade prices ranged from $2.06 to $3.47.

What is the Reporting Person's remaining ownership after the reported transactions?

After the reported sales the Form 4 shows the Reporting Person beneficially owned 1 share.

Who filed the Form 4 for the Bolt Projects (BSLK) transactions?

The Form 4 was filed on behalf of Golden Arrow Sponsor, LLC, with the form signed by Andrew Rechtschaffen.

Does the filing disclose who controls Golden Arrow Sponsor, LLC?

Yes. The footnote states Golden Arrow Sponsor, LLC is controlled by Timothy Babich, Jacob Doft, Lance Hirt and Andrew Rechtschaffen, who disclaim beneficial ownership except to the extent of pecuniary interest.