Bolt Threads, which produces sustainable biomaterials for consumer products, today announced a definitive agreement for a business combination with Golden Arrow Merger based on a $346.1 million pro forma enterprise valuation.
If approved, upon closing the renamed Bolt Projects Holdings is expected to list on the Nasdaq under new ticker symbol BSLK.
The transaction is expected to deliver at least $35 million of gross proceeds to the company, consisting of an interim bridge financing of up to $6.8 million, $5.5 million of which was funded in connection with the signing of the business combination agreement, as well as a fully committed PIPE of up to $28.7 million that will fund at deal completion.
The financing is anchored by existing Bolt Threads’ stockholders that include Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, and Foundation Capital, and a total investment of up to $10 million from the Golden Arrow sponsor (subject to adjustment). Additionally, Golden Arrow’s trust account of $21.5 million may deliver additional proceeds to the company at closing, depending on redemptions.
BTIG is financial advisor and Latham & Watkins is legal advisor to Bolt Threads. Greenberg Traurig is acting as legal advisor to Golden Arrow. Ellenoff Grossman & Schole is legal advisor to BTIG.
Bolt Threads develops sustainable solutions tailored for the consumer goods segment. One example is b-silk, a biobased and biodegradable substitute for silicone elastomers. This material not only offers valuable benefits to consumers and formulators but also positively impacts the environment.
Bolt Threads is based in Berkeley, CA, and has previously been recognized by Fast Company’s Most Innovative Companies. Read more.
