Answer
The press release does not disclose any specific covenants, restrictions, or lock‑up periods tied to the $4.25 million private placement. The filing simply states that Bolt Projects entered into definitive agreements to sell 913,979 shares (or pre‑funded warrants) at $4.65 per share, without outlining additional terms such as a lock‑up or registration‑rights period.
In practice, most private‑placement transactions for U.S. listed companies include a standard lock‑up—often 90 days for the securities sold and a longer “lock‑up” for the investors’ ability to resell the shares (e.g., a 180‑day or 12‑month resale restriction). Since the release does not mention these terms, they have not been publicly disclosed and would only be found in the underlying securities‑purchase agreement or the SEC filing (e.g., Form 8‑K or S‑1). Until those documents are reviewed, traders should assume the typical 90‑day lock‑up applies, but there is no indication of any extraordinary or additional covenants that would materially affect the share supply or liquidity.
Trading implication:
- Short‑term: Expect the newly issued shares to be non‑trading for at least 90 days, limiting immediate dilution impact on the float.
- Medium‑term: Once the lock‑up expires, a modest secondary‑selling pressure could emerge, but the size of the placement (≈ 0.9 M shares at ~ $4.65) represents a relatively small percentage of the total outstanding shares, so any post‑lock‑up sell‑off is unlikely to move the stock dramatically unless a large holder decides to unload a significant portion.
Until the detailed placement agreement is released, the safest assumption for positioning is to treat the placement as typical 90‑day lock‑up with no special covenants that would materially alter supply‑demand dynamics.