Bolt Threads, Inc., a company specializing in sustainable biomaterials, has announced the completion of its business combination with Golden Arrow Merger Corp, a special purpose acquisition company (SPAC).
The merger, which was approved by Golden Arrow’s shareholders on August 9, 2024, has resulted in the formation of a new entity named Bolt Projects Holdings Inc. The company’s common stock will begin trading on the Nasdaq Stock Market today under the ticker symbol “BSLK.”
“We believe biomaterials hold the key to a better future for people and the planet”
Dan Widmaier, the founder and CEO of Bolt Threads, will continue to lead the combined company. In a press release, Widmaier spoke optimistically about the company’s future in the public market, stating, “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.
“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.”
Jacob W. Doft, Chairman of the Board at Golden Arrow, noted, “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.”
Expanding biomaterials platform
The merger and subsequent Nasdaq listing are expected to support the expansion of Bolt Threads’ biomaterials platform, with a particular focus on the beauty and personal care sectors. This transaction follows the company’s announcement late last year that it would go public through a SPAC deal that valued the company at $250 million.
Founded 14 years ago, Bolt Threads has focused on developing materials inspired by natural biodiversity, aiming to replace traditional ingredients and processes in consumer goods with sustainable alternatives. The company has secured 49 patents and has 171 additional patent applications pending.
Flagship products
One of the company’s flagship products is b-silk, a biodegradable and non-toxic ingredient designed for use in beauty and personal care products. Launched in 2019, b-silk is intended as a replacement for silicone elastomers, which have faced increasing scrutiny due to their environmental impact. B-silk is featured in products like Vegamour and Kelly Slater’s Freaks of Nature sunscreen. The company also produces a mycelium-based leather alternative called Mylo, which has been used by companies including Adidas, Lululemon and Stella McCartney.
Bolt Threads posted the merger and trading announcement on its social feeds: “We believe biomaterials hold the key to a better future for people and the planet. We’re committed to transforming the high-volume consumer goods industries by delivering superior alternative materials tapped from nature. We are thankful to our leadership team, employees, and partners for their support on this journey.”
