Replies to post #273832 on Kraig Biocraft Laboratories Inc (KBLB)

[igotthemojo]

is this a joke?...BT made the announcement about going public in October....and they never did...

it smacks of a scheme conjured up by all their investors to finally make a little money and get the hell out...they would have wanted to sell into the IPO...

so what happened?...wheres the IPO?...

[Money4Nothing-M4N]

“ Anyone who doesn’t believe Bolt Threads could ever compete with KBLB…”

Evidently that includes Bolt Threads. Did you not read what you posted? They’re not even in the fight according to this.

I’d say this is a plan for the original Bolt investors to create some hype, make an offering, and jump ship.

[TRUISM]

Biomaterials Firm Bolt Threads, Formerly A Unicorn, Plans SPAC Deal At A $250 Million Valuation -EXCERPT
Oct 4, 2023,
FORBES LINK

Bolt Threads, a maker of biomaterials including a key ingredient for skincare inspired by spider silk, plans to go public in a SPAC deal that values the one-time unicorn at $250 million.

“We wanted to zig when others zag,” cofounder and CEO Dan Widmaier told Forbes. “If the expectation is that things always go up, that’s ludicrous. Things go up, things go down. The real question is, are you building a product that matters to people over time.”

With the deal, Bolt Threads will merge with blank-check company Golden Arrow Merger Corp., whose CEO is investor Timothy Babich. Babich, a Goldman Sachs alum, founded London-based Fortelus Capital Management in 2009 with a focus on European special situations and subsequently set up his own investment firm, called Nexxus Holdings.

Widmaier, 42, will remain CEO of the new company, to be renamed Bolt Projects Holdings. Cofounder David Breslauer, who has a Ph.D. in bioengineering from UC Berkeley and UCSF, will stay chief technology officer. The deal, which gives Bolt Threads a pro-forma enterprise value of $346 million, is expected to close in the first quarter of 2024....


Widmaier studied spider silk during his Ph.D. program in chemistry and chemical biology at UCSF and once kept an office full of giant golden orb weaver spiders spinning webs in hula hoops. But making bio-based spider silk at scale proved difficult, and the Berkeley, California-based company refocused its operations on other biomaterials.

Widmaier said that Bolt Threads, which has raised $334 million as a private company from investors that include Founders Fund and Baillie Gifford, had begun looking for SPAC partners earlier this year to provide the capital it needed to grow. While SPACs have been out of favor and many synthetic biology companies have come on hard times, Widmaier has kept the faith in the powers of the technology to solve some of the world’s most difficult environmental problems.

[WebSlinger]

<< Bolt is about to go public >>

Game over for KBLB.....

[TRUISM]

Bolt Threads to Become a Public Company, Growing its Pioneering Biomaterials Platform Through Business Combination With Golden Arrow Merger Corp.🤫
October 04, 2023
BUSINESSWIRE LINK



Bolt Threads has entered into a definitive business combination agreement with Golden Arrow Merger Corp. (Nasdaq: GAMC) that values Bolt Threads at $250M

Concurrent financing transactions expected to provide at least $35M of gross proceeds to the company, including fully committed common stock PIPE of up to $28M at $10.00 per share anchored by Bolt Threads’ existing investors – including Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, Foundation Capital, and Golden Arrow Sponsor, LLC



Transaction expected to enable high-volume distribution and adoption of Bolt Threads’ biomaterials in consumer goods, starting with beauty and personal care



BERKELEY, Calif.--(BUSINESS WIRE)--Bolt Threads, Inc. (“Bolt Threads”), a pioneer in sustainable biomaterials for consumer products, announced a definitive agreement for a business combination with Golden Arrow Merger Corp (Nasdaq: GAMC) (“Golden Arrow”) that would result in Bolt Threads becoming a public company.

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 Founder and CEO Dan Widmaier will lead the combined company.

“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,” said Jacob W. Doft, Chairman of the Board at Golden Arrow.

“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.”

Transaction Overview

Golden Arrow has agreed to combine with Bolt Threads based on a $346.1M pro forma enterprise valuation.

The transaction is expected to deliver at least $35M of gross proceeds to the company, consisting of an interim bridge financing of up to $6.8M, $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 consummation of the business combination.

The financing is anchored by existing Bolt Threads’ stockholders that include Baillie Gifford, Temasek, Top Tier, Founders Fund, Formation 8, and Foundation Capital, and a total investment of up to $10M from the Golden Arrow sponsor (subject to reduction to the extent certain existing Golden Arrow public stockholders elect not to redeem in connection with the transaction).

Additionally, Golden Arrow’s trust account of $21.5M may deliver additional proceeds to the company at closing of the business combination transaction.

The transaction has been unanimously approved by the boards of directors of each of Golden Arrow and Bolt Threads and is subject to approval by each party’s respective stockholders and other customary closing conditions. The transaction is expected to close in the first quarter of 2024.

Upon completion of the transaction, the combined company is expected to trade on Nasdaq under the name “Bolt Projects Holdings, Inc.”

Additional information about the proposed transaction, including a copy of the Business Combination Agreement and an investor presentation, will be provided in one or more current reports on Form 8-K to be filed by Golden Arrow with the United States Securities and Exchange Commission (the "SEC") and available at www.sec.gov.


Advisors

BTIG, LLC is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to Bolt Threads. Greenberg Traurig, LLP is acting as legal advisor to Golden Arrow. Ellenoff Grossman & Schole LLP is acting as legal advisor to BTIG, LLC.