Golden Arrow Merger in a proxy filing proposes a deadline extension from Dec. 19 to Sept. 19, 2024.
The SPAC last month announced a merger agreement with Bolt Threads, which produces sustainable biomaterials for consumer products. The deal has a $346.1 million pro forma enterprise valuation.
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.
Berkeley, CA-based Bolt Threads develops sustainable solutions tailored for the consumer goods segment. One example is b-silk, a biobased and biodegradable substitute for silicone elastomers.
Golden Arrow shareholders in March approved the extension to the current Dec. 19 deadline. Redemptionsof nearly $271 million left approximately $21.3 million in the trust account. Later in March, the sponsor voluntarily converted its 7,047,500 shares of Class B stock into the same number of Class A shares. Read more.
