Golden Arrow Merger Corp. Announces Closing of $250 Million Initial Public Offering

Rhea-AI Summary

Golden Arrow Merger Corp. has successfully completed its initial public offering (IPO) of 25 million units at $10 each, raising a total of $250 million in gross proceeds. The units, consisting of one share of Class A common stock and one-third of a redeemable warrant, will trade on Nasdaq under the symbol ‘GAMCU’. Following the separation of units, the shares will trade under ‘GAMC’ and the warrants under ‘GAMCW’. The company intends to pursue a merger or acquisition, focusing on the healthcare sector. BTIG, LLC was the sole book-running manager for the offering.

Positive

• Raised $250 million in gross proceeds from the IPO.
• Focus on healthcare and related industries for future acquisitions.

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• None.

New York, NY, March 19, 2021 (GLOBE NEWSWIRE) -- Golden Arrow Merger Corp. (the “Company”) announced today the closing of its initial public offering of 25,000,000 units. The offering was priced at $10.00 per unit, generating total gross proceeds of $250,000,000.

The units are listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “GAMCU”. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants, are expected to be listed on Nasdaq under the symbols “GAMC” and “GAMCW,” respectively.

BTIG, LLC acted as sole book-running manager and I-Bankers Securities, Inc. acted as co-manager in the offering. The underwriters have been granted a 45-day option to purchase up to an additional 3,750,000 units offered by the Company to cover over-allotments, if any, at the initial public offering price.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting BTIG, LLC at 65 E. 55th Street, New York, NY 10022, or by email at equitycapitalmarkets@btig.com. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Golden Arrow Merger Corp.

Golden Arrow Merger Corp. is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector, or geography, it intends to initially focus its search on identifying a prospective target business in the healthcare or healthcare-related infrastructure industries in the United States and other developed countries.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the offering and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Golden Arrow Merger Corp.
Valerie Toomey
info@goldenarrowspac.com

FAQ

What is the total amount raised by Golden Arrow Merger Corp. from its IPO?

Golden Arrow Merger Corp. raised $250 million from its IPO.

What are the ticker symbols for Golden Arrow Merger Corp.'s shares and warrants?

The shares will trade under 'GAMC' and the warrants under 'GAMCW' on Nasdaq.

Who acted as the book-running manager for the IPO of Golden Arrow Merger Corp.?

BTIG, LLC acted as the sole book-running manager for the IPO.

What type of companies does Golden Arrow Merger Corp. intend to acquire?

Golden Arrow Merger Corp. intends to focus on acquiring businesses in the healthcare sector.

How many additional units can the underwriters purchase post-IPO?

The underwriters have a 45-day option to purchase up to an additional 3,750,000 units.