Bolt Threads develops sustainable solutions tailored for the consumer goods industry. Credit: Shutterstock.

Upon the completion of this merger, the combined company is expected to trade on the stock market as Bolt Projects Holdings, Inc. (BSLK). Bolt Threads CEO and founder Dan Widmaier will lead the newly formed company.

Bolt Threads develops sustainable solutions tailored for the consumer goods segment. One example is b-silk, a biobased and biodegradable substitute for silicone elastomers.

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Widmaier explained that going public will allow the company to grow its biomaterials platform and bring b-silk, among other products, to commercialisation faster.

He added: “Bringing low-impact innovative materials to market is increasingly difficult and desperately needed.”

The merger of the two entities is valued at $346.1m in total and the transaction is expected to generate at least $35m in gross proceeds to the company.

This consists of $6.8m of interim bridge financing with $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 $28.7m that will fund at the completion of the business combination.

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Golden Arrow board chairman Jacob W. Doft, said: “We were impressed by Bolt Threads’ proprietary technologies and processes that are on the cusp of enabling the company to become a leading platform for sustainable materials development.

“We see a significant investment opportunity in the innovation and commercialisation 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.”

The transaction has received unanimous approval from the boards of directors of both Golden Arrow and Bolt Threads and is expected to close in the first quarter of next year. It is now pending approval from each party’s stockholders and other customary closing conditions.

In 2022, Bolt Threads announced it would reward brands that move away from animal leathers with preferential access to its Mylo vegan leather under its Greener Pastures Pledge.