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Bolt Threads Enters $250 Million SPAC Agreement to Go Public on Nasdaq with Sustainable Biomaterials – vegconomist

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Biomaterials company Bolt Threads has announced it will become a public company listed on the Nasdaq through a SPAC agreement that values the company (Bolt Threads) at $250 million. 
“We see a significant investment opportunity in the innovation and commercialization of biomaterials in industries ripe for disruption”
A pioneer in biomaterials with two sustainable products in the market, Mylo™ and b-silk™, the company will merge with Golden Arrow Merger Corp. (Nasdaq: GAMC). After the closing of the deal, the combined company will be named “Bolt Projects Holdings, Inc.” and is expected to remain listed on Nasdaq under “BSLK”. Dan Widmaier, founder and CEO of Bolt Threads, will lead the new company. 

Mylo bag ©Bolt Threads
Distributing biomaterials
According to the statement, the concurrent financing deals are expected to provide at least $35 million of gross proceeds to the company, including fully committed common stock PIPE of up to $28 million at $10.00 per share anchored by Bolt Threads’ existing investors. 
Bolt Threads reportedly has raised $334 million as a private company from investors including Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, Foundation Capital, and Golden Arrow Sponsor, LLC.
With the merger, the company anticipates solid growth by increasing the distribution and use of Bolt Threads’ biomaterials in consumer goods, particularly in the beauty and personal care industry. 
“We see a significant investment opportunity in the innovation and commercialization 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,” said Jacob W. Doft, chairman of the board at Golden Arrow.
© Bolt Threads
Inspired by nature
Based on science and 13 years of research, Bolt Threads develops sustainable materials for consumer goods. The company’s flagship product is a b-silk (inspired by spider silk), a biobased and biodegradable alternative for silicone elastomers for the beauty and personal care industry. b-silk™ has been in the market since 2020 in products found in Sephora stores throughout the US.
On the other hand, Bolt Threads’ innovative mycelium-based Mylo leather has already gained successful partnerships with leading fashion brands, including top leather tannery Heller-Leder, designer Stella McCartney, sports clothes companies Lululemon and Adidas, and Japanese artisan leather brands Tsuchiya Kaban and Objcts.io. Last year, the biotech partnered with Ginkgo Bioworks to optimize Mylo mushroom leather and to develop novel proteins for new biomaterials. 
“Our mission remains steadfast to develop and provide better solutions for a way better world, and we believe that going public will allow us to grow our biomaterials platform and bring b-silk, among other products, to commercialization faster. Bringing low impact innovative materials to market is increasingly difficult and desperately needed,” said Widmaier.
Bolt Threads has offices in Berkeley, California and Arnhem, The Netherlands. Since 2018, it has been listed in the Fast Company’s Most Innovative Companies ranking.



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