General Catalyst Global Resilience Merger, a blank check company backed by General Catalyst targeting aerospace and defense, raised $350 million by offering 35 million "Global Resilience Aligned Initial Listing" securities (GRAIL securities) at $10. Each GRAIL security consists of one share of common stock, and one-fourth of one warrant to purchase a share, exercisable at $11.50. Unlike many SPACs, General Catalyst Global Resilience Mergers’ shares will have variable post-merger conversion rates.
General Catalyst Global Resilience Merger is led by CEO Paul Kwan, the Managing Director of General Catalyst and former Head of West Coast Tech Banking at Morgan Stanley. He is joined by CFO Christopher Kauffman, a Partner of General Catalyst and former VP of Finance at Ruggable and Chairman Hemant Taneja, the Managing Director and CEO of General Catalyst.
The SPAC intends to target businesses in aerospace and defense, national security, and other associated industries. More specifically, businesses spanning software-defined defense platforms, advanced manufacturing and industrial automation, and alternative energy solutions.
The Cambridge, MA-based company will trade on the Nasdaq under the symbol GCGRU. Citi acted as sole bookrunner on the deal.
