Bolt Biotherapeutics, Inc. (BOLT) Form 8-K — Oct 23, 2026
Bolt Biotherapeutics completed a two-step merger with privately held Prana Therapies on October 23, 2026, issuing 430,746 common shares and 16,360.929 Series D preferred shares (convertible 1,000:1) to Prana holders. After the concurrent financing, legacy Bolt holders retain only about 6.9% of the fully diluted equity, making this effectively a reverse merger that hands control to Prana shareholders (51.7%) and new investors (41.4%). The company simultaneously raised $120 million gross in a PIPE of Series D preferred plus warrants, with potential for roughly $60 million more if the warrants are exercised.
Key figures
- Gross Proceeds
- 120000000
- Shares Offered
- 13,995.311 shares Series D Preferred (each convertible into 1,000 common shares) plus warrants for 50% more
- Lockup Period Days
- 180
- Bdc4182 Subjects Dosed
- 25
- Reverse Split Ratio Range
- 1:2 to 1:12
- Lease Termination Payment
- 4500000
- Warrant Exercise Proceeds
- $60 million if fully exercised
- Preferred Conversion Ratio
- 1,000 common shares per preferred share
- Bdc4182 Disease Control Rate
- 53% (8 of 15 evaluable patients with stable disease)
- Bolt Holders Pre Transaction
- 11.8% (pre-financing) / 6.9% (post-financing, fully diluted)
- Common Shares Issued To Prana
- 430746
- Prana Holders Post Financing
- 51.7%
- Pipe Investors Post Financing
- 41.4%
- Series DPreferred Issued To Prana
- 16,360.929 shares
AI analysis
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