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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version on businesswire.com: https://www.businesswire.com/news/home/20240813074564/en/
For Golden Arrow Media Inquiries: Info@goldenarrowspac.com
For Bolt Threads Media Inquiries:
BoltThreads@allisonworldwide.com
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