Catalyst Partners Acquisition Corp. Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Catalyst Partners Acquisition Corp. has priced its initial public offering (IPO) at $10.00 per unit, totaling 30,000,000 units. The company will trade under the ticker symbol CPARU on Nasdaq, beginning May 18, 2021. Each unit includes one Class A ordinary share and one-fifth of a redeemable warrant. The offering is set to close on May 20, 2021, subject to customary conditions. Catalyst aims to pursue business combinations in the enterprise software sector. Goldman Sachs is the lead underwriter, with an additional option for 4,500,000 units to cover over-allotments.

Positive

• Successful pricing of 30,000,000 units at $10.00 each, generating significant capital.
• Strategic focus on investing in the enterprise software sector, indicating potential for growth.
• Involvement of reputable underwriters, which enhances credibility.

Negative

• Reliance on forward-looking statements that may not materialize as expected.
• Potential market volatility associated with new public offerings.

SAN FRANCISCO, May 18, 2021 (GLOBE NEWSWIRE) -- Catalyst Partners Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Stock Market, LLC (“Nasdaq”) and will trade under the ticker symbol “CPARU” beginning May 18, 2021. Each unit consists of one Class A ordinary share of the Company and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on the Nasdaq under the symbols “CPAR” and “CPARW,” respectively. The offering is expected to close on May 20, 2021, subject to customary closing conditions.

The Company is a newly organized blank check company, formed by Dr. James I. Cash, Paul Sagan, Robin L. Washington, Evan Sotiriou, Kevin King, Kenneth I. Chenault, Ann Fudge, David J. Grain, Steven S. Reinemund, and Corey E. Thomas, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Although the Company will not be limited to a particular industry, it intends to invest in an innovator or innovators focused on building an enduring company in the enterprise software sector.

Goldman Sachs & Co. LLC is acting as lead bookrunning manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units securities at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com. Copies of the prospectus relating to this offering, when available, may also be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov.

A registration statement relating to the securities became effective on May 17, 2021. 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 preliminary prospectus for the Company’s 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.

For all press inquiries, please email jzimmerman@generalcatalyst.com.

FAQ

What is the IPO price for Catalyst Partners Acquisition Corp. (CPARU)?

The IPO price is set at $10.00 per unit.

When will CPARU start trading on the Nasdaq?

CPARU is expected to begin trading on May 18, 2021.

What does each unit of CPARU include?

Each unit consists of one Class A ordinary share and one-fifth of a redeemable warrant.

Who is the lead underwriter for the CPARU IPO?

Goldman Sachs & Co. LLC is acting as the lead underwriter.

What is the focus of Catalyst Partners Acquisition Corp.?

The company aims to invest in the enterprise software sector.