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Bolt Threads Enters Business Combination with Golden Arrow in Deal Valued at USD 250m.

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Vincent

MANews-(C)2009-2023

California-based sustainable biomaterials provider Bolt Threads, Inc. has entered into a definitive business combination agreement with Golden Arrow Merger Corp. (NASDAQ: GAMC) in a deal that values Bolt Threads at USD250M, the company said.

Concurrent financing transactions expected to provide at least USD 35m of gross proceeds to the company, including fully committed common stock PIPE of up to USD 28m at USD 10.00 per share anchored by Bolt Threads' existing investors including Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, Foundation Capital, and Golden Arrow Sponsor, LLC.

Golden Arrow has agreed to combine with Bolt Threads based on a USD346.1M pro forma enterprise valuation.

The transaction is expected to deliver at least USD 35m of gross proceeds to the company, consisting of an interim bridge financing of up to USD 6.8m, USD 5.5m of which was funded in connection with the signing of the business combination agreement and a fully committed common stock PIPE of up to USD 28.7m that will fund at the consummation of the business combination.

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 USD 10m from...

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