In Emeryville, California, Bolt Threads has announced a definitive agreement for a business combination with Special Purpose Acquisition Company (SPAC) Golden Arrow Merger Corp. The deal would result in Bolt Threads becoming a public company with a pro forma enterprise valuation of $346.1 million.
A proprietary polypeptide in Bolt Threads’ b-silk replaces silicone elastomers in a range of beauty industry formulations. Silicone elastomers are synthetic and bio persistent polymers that are facing consumer and regulatory pressure. b-silk, which is inspired by the same proteins found in spider webs, is biobased and biodegradable.
Upon closing of the transaction, the combined company will be named Bolt Projects Holdings, Inc. and is expected to remain listed on Nasdaq under a new ticker symbol “BSLK”. Bolt Threads cofounder and CEO Dan Widmaier will lead the combined company.
The deal comes four months after Widmaier told Vogue Business the company had run out of funds and ceased operations.