Bolt Threads Announces Closing of Business Combination and Will Begin Trading on Nasdaq Under New Symbol "BSLK"
Transaction Will Help Accelerate Bolt Threads' Pioneering Biomaterials Platform, Scaling its Sustainable Materials in the Consumer Goods Industry, Starting With Beauty and Personal Care
Bolt Threads, Inc. (NASDAQ:BSLK) ("Bolt Threads"), a pioneer in sustainable biomaterials for consumer products, today reported the closing of its previously announced business combination with Golden Arrow Merger Corp (NASDAQ:GAMC) ("Golden Arrow"). GAMC shareholders approved the transaction at GAMC's special meeting held on August 9, 2024.
The combined company is now called Bolt Projects Holdings Inc. and its common stock is expected to begin trading on the Nasdaq Stock Market on August 14, 2024, under the ticker symbol "BSLK". The combined company will be led by Bolt Threads Founder and CEO Dan Widmaier.
"We are pleased to begin our next chapter in the public market as the leading biomaterials platform, focused on transforming the high-volume consumer goods industries by delivering superior alternative materials tapped from nature," said Dan Widmaier, Bolt Threads co-founder and chief executive officer. "We are thankful to our leadership team, employees and partners for their support on our journey. We believe Bolt Threads is well-positioned to capitalize on significant growth opportunities and generate substantial value for all stakeholders."
"Bolt Threads' biomaterials platform offers a complete solution of sustainable alternatives from nature that can transform a multitude of high-volume consumer goods with biodegradable, non-toxic alternatives," said Jacob W. Doft, Chairman of the Board at Golden Arrow. "We look forward to accelerating Bolt Threads' growth and solidifying a long-term partnership."
Company Overview
Bolt Threads is a purpose-driven biomaterials platform dedicated to fostering a better future for both people and the planet. Bolt Threads creates innovative solutions and products that are inspired by natural biodiversity. With 14 years of research, testing, and developing groundbreaking materials, the company replaces traditional ingredients and processes in high-volume consumer goods manufacturing with sustainable, nature-derived alternatives. Bolt Threads boasts an impressive intellectual property portfolio, featuring 49 granted patents and 171 pending patent applications.
B-silk™ is Bolt Threads' flagship product, a fully biodegradable, non-toxic, and versatile ingredient designed for the beauty and personal care industry. In beauty formulations, it replaces silicone elastomers, a synthetic ingredient that leaves biopersistent polymers, including microplastics, in the water system and faces growing consumer and regulatory scrutiny. Inspired by the proteins found in spider webs, b-silk's novel protein polymer is both biobased and biodegradable. Available since 2020, b-silk is featured in products such as Vegamour and Kelly Slater's Freaks of Nature sunscreen.
Advisors
BTIG, LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Bolt Threads. Greenberg Traurig, LLP acted as legal advisor to Golden Arrow. Ellenoff Grossman & Schole LLP acted as legal advisor to BTIG, LLC.
About Bolt Threads
Bolt Threads was founded by scientists and engineers, and is dedicated to pioneering way better materials for a way better world. The company focuses on developing efficacious and sustainable solutions tailored for the consumer goods segment. "Inspired by nature, made by humans" is the Bolt Threads' model, revolving around creating and scaling materials that steer us towards a more sustainable future. Its flagship product 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, Calif., in the U.S., and has previously been recognized by Fast Company's Most Innovative Companies.
About Golden Arrow Merger Corp.
Golden Arrow Merger Corp. is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this communication, including statements regarding Bolt Threads' or the combined company's business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma", "may", "should", "could", "might", "plan", "possible", "project", "strive", "budget", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, the company's expectations concerning the outlook for the business, productivity, plans, and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets, and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the company.
Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to: (i) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, and the costs related to the business combination; (ii) changes in applicable laws or regulations; (iii) the possibility that the company may be adversely affected by other economic, business, regulatory, and/or competitive factors; (iv) the evolution of the markets in which the company competes; (v) the ability of the company to implement its strategic initiatives and continue to innovate its existing products; (vi) the ability of the company to defend its intellectual property; (vii) the ability of the company to satisfy regulatory requirements; (viii) the risk that the company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (ix) the risk that the company experiences difficulties in managing its growth and expanding operations; and (x) other risks and uncertainties set forth in the documents filed or to be filed with the SEC by the company, including the proxy statement/prospectus filed with the SEC on July 18, 2024.
The company cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. The company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.
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