Bolt Threads to go public with 346 million dollar deal

Biomaterials manufacturer Bolt Threads has announced that it has secured an agreement for a business combination with Golden Arrow Merger Corp that would see the company go public.

The combined company is set to be named “Bolt Projects Holdings” and is further expected to remain listed on Nasdaq but under a new ticker symbol, ‘BSLK’.

Bolt Threads’ founder and chief executive officer, Dan Widmaier, will also lead the new company.

According to a release, the combination of the two is based on a 346.1 million dollar pro forma enterprise valuation, meanwhile the transaction is forecast to deliver at least 35 million dollars of gross proceeds to the company.

This includes 6.8 million dollars of interim bridge financing, 5.5 million dollars of which was funded in line with the agreement and is committed common stock PIPE of up to 28.7 million dollars that will fund the consummation of the combination.

The transaction is expected to close in the first quarter of next year, and is currently subject to approval by each of the party’s respective stockholders and other customary closing conditions.

In a release, Jacob Doft, chairman of the board at Golden Arrow, said: “We see a significant investment opportunity in the innovation and commercialisation of biomaterials in industries ripe for disruption.

“We believe Bolt Threads, with its strong brand and reputation with customers, is well positioned to execute on its high growth strategy with market-ready products that will overhaul industries beginning with beauty and personal care.”