Bolt Projects Holdings, Inc. (BSLK): auditor change — Golden Arrow restates Q1 2023 financials due to error in valuation of convertible promissory notes

Bolt Projects Holdings, Inc.

Previously issued Q1 2023 financials should no longer be relied upon; convertible notes incorrectly valued at fair value instead of par.
Audit committee concluded restatement required; restated Q1 financials filed in Q2 10-Q concurrently on August 16, 2023.
Material weakness in internal control over financial reporting related to complex financial instrument accounting; disclosure controls ineffective as of June 30, 2023.
Company states no impact on cash position or trust account cash from IPO.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Bolt Projects Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

on August 16, 2023, the audit committee of the Company’s board of directors concluded, after discussion with the Company’s management, that the Company’s previously issued unaudited interim financial statements and other financial data included in Q1 Form 10-Q should be restated to instead value the Convertible Promissory Notes at par value and should no longer be relied upon.

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Source: SEC EDGAR

accession 0001213900-23-068314

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