HAAC - General Catalyst shrinks third SPAC's IPO by 25% to $300M

May, 04 2021 06:59 PM Health Assurance Acquisition Corp.

Catalyst Partners Acquisition Corp. (CPARU), a SPAC organized by venture-capital powerhouse General Catalyst to take a software firm public and help “invest in the next generation of Black entrepreneurship,” is narrowing its IPO to $300M from a previous $400M.The special purpose acquisition company wrote in a revised S-1 filing with the U.S. Securities and Exchange Commission that it intends to offer just 30M $10 investment units in the SPAC, down from the 40M originally planned.The SPAC also reduced underwriters’ options for overallotments to up to 4.5M units, down from a previous maximum of 6M units.Each unit will consist of one Class A share in the SPAC, plus 0.2 warrants that entitle the holder to buy a second share for $11.50 in the future.Additionally, the SPAC’s sponsor plans to invest $11.2M to purchase about 18.7M warrants priced at 60 cents apiece and entitling the sponsor to buy Class A shares in

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General Catalyst shrinks third SPAC’s IPO by 25% to $300M

Company Name:	Health Assurance Acquisition Corp.
Stock Symbol:	HAAC
Market:	NASDAQ

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