Business Combination - The Company entered into a Business Combination Agreement with Bolt Threads on October 4, 2023, with an equity consideration of $250,000,000[156][157]. - The Company extended the deadline for business combination to September 19, 2024, with a maximum deposit of $20,000 for each one-month extension[169]. - The company has until September 19, 2024, to consummate a Business Combination, with potential mandatory liquidation if unsuccessful[196]. - The company intends to use substantially all funds in the trust account to complete a Business Combination and for working capital to finance operations[186]. - The underwriters are entitled to a deferred fee of $10,062,500, payable upon the completion of the Business Combination[199]. Financial Performance - As of March 31, 2024, the Company reported a net loss of $1,213,313, primarily due to a change in fair value of warrant liability of $875,000[176]. - For the three months ended March 31, 2024, the net loss was $1,213,313, with cash used in operating activities amounting to $250,850[183]. - For the three months ended March 31, 2023, the net income was $891,866, with cash used in operating activities totaling $602,838[184]. - The Company has not generated any revenues to date and only incurs expenses related to being a public company[175]. Initial Public Offering - The initial public offering generated gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit[178]. - The Company incurred $14,246,969 in initial public offering related costs, including $5,000,000 in underwriting fees[179]. Shareholder Activity - Stockholders redeemed 26,649,519 shares for approximately $270.77 million at a redemption price of $10.16 per share[166]. - As of March 16, 2023, the Company had 9,147,981 shares of Class A common stock outstanding after a conversion of Class B shares[167]. Compliance and Regulatory Matters - The Company received a notice from Nasdaq regarding non-compliance with listing requirements, prompting a request for a hearing[173][174]. Cash and Investments - As of March 31, 2024, the trust account held a total of $287,500,000 in proceeds, including $6,271,861 in investments[181][185]. - As of March 31, 2024, the company had cash of $60,508 available outside the trust account for evaluating target businesses and due diligence[187]. - The company has issued promissory notes totaling $1,484,326 as of March 31, 2024, which may be converted into warrants[190]. Accounting Standards - The adoption of ASU 2020-06, effective for fiscal years beginning after December 15, 2023, is not expected to have a material impact on the company's financial statements[207]. - ASU 2023-09, effective for fiscal years beginning after December 15, 2024, will require expanded disclosures of income taxes paid, but is not expected to materially affect the company's financial statements[208]. - Management believes that recently issued accounting standards, if adopted, will not have a material effect on the company's unaudited consolidated financial statements[209]. Consulting Fees - The company incurred $0 and $20,500 in consulting fees for the three months ended March 31, 2024, and 2023, respectively[202]. Debt and Liabilities - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[198][197].
Golden Arrow Merger (GAMC) - 2024 Q1 - Quarterly Report