Bolt Projects (BSLK) stock was down on Thursday after the technology, infrastructure, and renewable energy company announced a securities purchase agreement with certain investors. It will sell these investors 913,979 shares of BSLK stock or pre-funded warrants. The shares are priced at $4.65 each, while the warrants are priced at $4.6499 with an exercise price of $0.0001 each. The warrants also have no expiration date.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Bolt Projects expects the securities purchase agreement to close on Friday and generate gross proceeds of $4.25 million. It intends to use the funds gained from this transaction for general corporate purposes, including working capital. Rodman & Renshaw LLC is acting as the exclusive placement agent for the stock offering.
Bolt Projects Stock Movement Today
Bolt Projects stock was down 39.87% in pre-market trading on Thursday, following a 556.88% rally yesterday. The shares have increased 48.55% year-to-date, but were down 87.53% over the past 12 months.
The surge BSLK stock experienced yesterday came alongside its Q2 earnings report. A major catalyst in that report was Vegan Silk Technology Platform revenue. Strong gains in this sector resulted in the company posting gross profits ahead of its internal schedule.
Is Bolt Projects Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of Bolt Projects stock is thin. However, TipRanks’ AI analyst Spark has it covered. Spark rates BSLK stock a Neutral (51) with a $2.50 price target. It cites “severe financial performance challenges, including negative profitability and high leverage” as reasons for this stance.
