Golden Arrow Merger filed a proxy and prospectus outlinging its proposed acquisition of Bolt Threads, which produces sustainable biomaterials for consumer products.
Terms call for the SPAC to issue 25,864,092 shares to Bolt Threads investors.
The deal had a a $346.1 million pro forma enterprise valuation when announced in October.
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.
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. Read more.
Source: Golden Arrow Merger Files Proxy on Bolt Threads Deal