Golden Arrow Merger Corp. restates IPO balance sheet; warrants as liabilities, shares as temporary equity

Bolt Projects Holdings, Inc.

As of March 19, 2021, warrants reclassified from equity to derivative liabilities of $12.8M.
All 25M public shares now classified as temporary equity at $250M (redemption value $10/share).
Stockholders' deficit of $20.3M; no change to cash or trust account ($250M).
Restatement prompted by April 2021 SEC Staff Statement on SPAC warrant accounting.
Material weakness in internal control over financial reporting identified; disclosure controls ineffective.

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