Catalyst Partners Acquisition, a blank check company formed by General Catalyst targeting disruptive enterprise software, lowered the proposed deal size for its upcoming IPO on Monday.
The Cambridge, MA-based company now plans to raise $300 million by offering 30 million units at $10. The company previously filed to raise $400 million by offering 40 million units at $10. Each unit still consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the revised unit count, Catalyst Partners Acquisition would raise 25% less proceeds.
The company is led by CEO and Chairman James Cash, who currently serves as an advisor to General Catalyst Partners and Grain Management, and President and Vice Chairman Paul Sagan, a senior advisor and Executive in Residence at General Catalyst. The company plans to leverage its management team's experience and target disruptive enterprise software businesses with demonstrated strong momentum, platform characteristics, and multiple avenues of growth.
Catalyst Partners Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol CPARU. Goldman Sachs is the sole bookrunner on the deal.
