Bolt Threads Set to Go Public via SPAC Merger—$250M Valuation Marks Major Milestone for Bio-Materials Pioneer

Bolt Threads, a sustainability-focused biomaterials company, has announced plans to become a publicly traded company through a business combination with Golden Arrow Merger Corp. (Nasdaq: GAMC). The transaction values Bolt Threads at $250 million, with the combined entity expected to trade on Nasdaq under the new ticker “BSLK” as “Bolt Projects Holdings, Inc.”

The Deal Structure: $35M in Fresh Capital

The transaction brings at least $35 million in gross proceeds to Bolt Threads, comprising multiple funding tranches. An interim bridge financing of up to $6.8 million was partially funded at signing, with $5.5 million already deployed. The company has secured a fully committed common stock PIPE (private investment in public equity) of up to $28.7 million at $10 per share, anchored by existing institutional shareholders including Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, and Foundation Capital.

Golden Arrow’s sponsor is committing up to $10 million to the transaction, consisting of up to $8 million in the PIPE and $2 million in bridge financing. Additionally, Golden Arrow’s trust account holds $21.5 million, which may deliver further proceeds upon closing. The transaction is structured to close in Q1 2024, pending stockholder approvals and customary closing conditions.

Why This Matters: The Biomaterials Revolution

Bolt Threads operates at the intersection of biotechnology and consumer goods manufacturing. Founded on 13 years of research and development, the company has built an intellectual property portfolio encompassing 49 granted patents and 171 pending patent applications. Its flagship product, b-silk, represents a significant breakthrough in the beauty and personal care sector.

The traditional beauty industry relies heavily on silicone elastomers in countless formulations—synthetic ingredients that create persistent polymers and microplastics, contaminating water systems. This reliance faces mounting pressure from both consumers and regulators. B-silk offers a viable alternative: a biobased, fully biodegradable polypeptide inspired by the proteins found in spider webs. It delivers comparable performance to silicone elastomers while providing active benefits to skin, hair, and color cosmetics.

B-silk has already entered the market since 2020 and is currently available in Sephora stores across the U.S., demonstrating both commercialization capability and market traction.

Market Opportunity: Massive Addressable Market

The addressable market for Bolt Threads’ solutions is substantial. The silicone elastomer market alone represents approximately $4 billion within the broader $20 billion silicone-based ingredients market. These sectors operate within the $371 billion global beauty and personal care industry—a massive runway for sustainable alternatives.

The company’s differentiated product portfolio, protected by patents, offers a compelling value proposition. With an established customer base and branded relationships, Bolt Threads has demonstrated the ability to rapidly iterate and commercialize new solutions. Management projects an attractive financial profile achievable through scale and ongoing innovation.

Strategic Vision and Growth Runway

Dan Widmaier, Bolt Threads’ co-founder and CEO, will lead the combined company. Widmaier stated: “Our mission is to develop and provide better solutions for a better world. Going public accelerates our ability to scale the biomaterials platform and bring b-silk and other products to commercialization at the pace the market demands.”

The company plans to leverage public market capital for multiple purposes: expanding manufacturing capacity for high-volume distribution, accelerating product development for additional biomaterial solutions, and scaling adoption across the beauty and personal care category, with expansion into other consumer goods sectors on the horizon.

Beyond beauty and personal care, Bolt Threads has identified numerous growth opportunities to develop additional molecules and materials derived from natural sources, positioning the company as a platform for sustainable materials innovation across industries.

The Team and Advisor Structure

The transaction reflects confidence from seasoned capital markets operators. Jacob W. Doft, Chairman of Golden Arrow, noted: “We see significant investment opportunity in biomaterials innovation within industries ripe for disruption. Bolt Threads possesses strong customer relationships, brand reputation, and market-ready products that will drive industry transformation.”

BTIG, LLC serves as financial advisor to Bolt Threads, with Latham & Watkins providing legal counsel. Greenberg Traurig represents Golden Arrow, while Ellenoff Grossman & Schole advises BTIG.

Why Now? Market Tailwinds and Regulatory Pressure

The timing of Bolt Threads’ public offering reflects macro-level trends accelerating the shift toward sustainable materials. Regulatory scrutiny of microplastics has intensified globally. Consumer preference for environmentally friendly products continues climbing. Major beauty formulators face increasing pressure to reformulate away from problematic synthetic ingredients.

This convergence creates a window for companies like Bolt Threads—those with proven alternative technologies and existing market presence—to scale rapidly and capture significant market share.

What’s Next

The boards of both Golden Arrow and Bolt Threads have unanimously approved the combination. The transaction remains subject to stockholder approval from both entities and standard closing conditions. Upon completion, Bolt Threads will operate as a public company with greater access to capital, expanded financial flexibility for R&D and commercialization, and heightened visibility in capital markets.

For investors and industry observers, Bolt Threads’ path to public markets signals growing institutional confidence in the biotech-driven consumer goods revolution—a space where sustainable innovation meets massive commercial opportunity.