Pathfinder Acquisition, a blank check company formed by HGGC and Industry Ventures targeting technology, filed on Thursday with the SEC to raise up to $275 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Pathfinder Acquisition would command a market value of $344 million.
The company is led by Chairman Richard Lawson, co-founder and CEO of middle-market private equity firm HGGC; CEO and Director David Chung, an Executive Director of HGGC; CIO and Director Lindsay Sharma, a Managing Director of venture firm Industry Ventures; and CFO Lance Taylor, a Partner and CFO of HGGC. HGGC co-founder and President Steven Young and Industry Ventures founder and CEO Hans Swildens will serve as Directors. Pathfinder Acquisition plans to target growth-oriented technology or technology-enabled businesses.
Pathfinder Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol PFDRU. The company filed confidentially on January 11, 2021. Deutsche Bank, RBC Capital Markets, and Stifel are the joint bookrunners on the deal.
