Business Combination and Agreements - The company entered into a Business Combination Agreement with Bolt Threads, with an aggregate equity consideration of $250,000,000[139][141]. - The company plans to extend the deadline for consummating a Business Combination to September 19, 2024, pending stockholder approval[151]. - The company plans to extend the Termination Date for the business combination up to December 19, 2023[173]. Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $881,650, with operational costs amounting to $914,406[153]. - For the nine months ended September 30, 2023, the company had a net income of $257,309, primarily from interest earned on marketable securities of $2,981,638[154]. - The company has neither engaged in operations nor generated revenues to date, with non-operating income derived from interest on marketable securities[152]. Initial Public Offering (IPO) - The initial public offering generated gross proceeds of $250,000,000, with an additional $37,500,000 from the underwriters' over-allotment option[157][159]. - The company incurred $14,246,969 in IPO-related costs, including $5,000,000 in underwriting fees[158]. - The Sponsor has committed to purchase 800,000 shares of Class A common stock for an aggregate price of $8,000,000[144]. Cash and Investments - As of September 30, 2023, the company held investments in the Trust Account amounting to $22,275,986[163]. - The company withdrew $271,793,225 from the Trust Account for redemption payments and tax obligations through September 30, 2023[163]. - The company had cash of $80,462 as of September 30, 2023, intended for evaluating target businesses and due diligence[165]. - The company had cash used in operating activities of $1,376,750 for the nine months ended September 30, 2023[161]. Debt and Obligations - An aggregate of $1,300,000 was outstanding under three Convertible Promissory Notes as of September 30, 2023[169]. - The company issued an unsecured promissory note to the Sponsor for $567,130 on March 17, 2023, with $504,120 deposited into the Trust Account for Extension Payments[170]. - The company has no long-term debt or capital lease obligations as of September 30, 2023[175]. Management and Concerns - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by the Extended Date[173]. - The company incurred $20,500 in consulting fees for target business search services for the three and nine months ended September 30, 2023[176]. Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[182].
Golden Arrow Merger (GAMC) - 2023 Q3 - Quarterly Report