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

Rhea-AI Filing Summary

Golden Arrow Sponsor, LLC, identified as a 10% owner of Bolt Projects Holdings, Inc. (BSLK), filed a Form 4 reporting an open-market sale of common stock on 17 Jul 2025.

• Shares sold: 116,132
• Weighted-average price: $3.1951 (trades ranged $3.035-$3.355)
• Shares remaining: 45,198 held directly after the transaction

No derivative securities were reported. Voting and dispositive control of the reporting entity is shared by Timothy Babich, Jacob Doft, Lance Hirt and Andrew Rechtschaffen; each disclaims beneficial ownership beyond his pecuniary interest.

This filing signals a material reduction in the insider’s equity position, but the group retains a sizeable stake and retains 10%-owner status.

Positive

• None.

Negative

• Large insider sale: 116,132 shares (~72% of prior holdings) sold by a 10% owner may signal reduced conviction and increase supply.
• Price near 52-week lows: Weighted average $3.1951 suggests insider willingness to exit at depressed valuations (if applicable to BSLK’s trading range).

Insights

Securities Analyst

TL;DR: 10% owner trims stake by ~72%, potential bearish sentiment.

The 116k-share disposal slashes Golden Arrow Sponsor’s direct holdings from roughly 161k to 45k shares, implying a sizable exit at ~$3.20. Such a large percentage reduction by a control group can pressure near-term sentiment and liquidity, especially for micro-cap names like BSLK. No accompanying positive catalysts or Form 4 purchase offsets were disclosed. While the insiders still own >10%, the magnitude suggests limited confidence at current levels. Impact rating: modestly negative given the company’s small float.

Corporate Governance Expert

TL;DR: Significant insider sale raises governance & alignment questions.

Golden Arrow Sponsor’s sale weakens insider alignment with minority shareholders. Shared control among four principals dilutes accountability, and each expressly disclaims full ownership. Although the filing is timely and compliant, the transaction may trigger governance scrutiny if further sales follow, especially because no rationale or 10b5-1 plan is cited.

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
Estimated average burden
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).

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)
07/17/2025

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	07/17/2025		S		116,132	D	$3.1951(1)	45,198	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 $3.035 to $3.355, 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.

	/s/ ANDREW RECHTSCHAFFEN	07/21/2025
	** 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.
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FAQ

How many BSLK shares did Golden Arrow Sponsor, LLC sell?

The Form 4 shows a sale of 116,132 common shares on 17 Jul 2025.

At what price were the BSLK shares sold?

The weighted-average price was $3.1951, with individual trades between $3.035 and $3.355.

How many BSLK shares does the insider still own after the sale?

Golden Arrow Sponsor, LLC now directly owns 45,198 shares.

Does the filing report any derivative securities?

No. Table II is empty; no options, warrants or other derivatives were reported.

Who controls Golden Arrow Sponsor, LLC?

Control is shared by Timothy Babich, Jacob Doft, Lance Hirt, and Andrew Rechtschaffen, each disclaiming beneficial ownership beyond their economic interest.

Is this Form 4 filing considered timely?

Yes, the transaction occurred on 17 Jul 2025 and the Form 4 was filed on 21 Jul 2025, within the two-business-day requirement.