General Catalyst's SPAC Health Assurance Acquisition prices $500 million IPO at $10

Health Assurance Acquisition, a blank check company formed by General Catalyst targeting healthcare technology, raised $500 million by offering 50 million SAIL (Stakeholder Aligned Initial Listing) securities at $10. Each SAIL security consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Hemant Teneja, who is a Managing Partner at General Catalyst Partners and serves on the boards of Livongo, Samsara, Gusto, Grammarly, Mindstrong, and ThoughtSpot. Teneja is joined by COO Evan Sotiriou, who joined General Catalyst in 2019 and previously served as the CFO of OrbiMed. Health Assurance Acquisition's mission is to partner with leading healthcare businesses leveraging technology, aiming to help them become iconic category winners that accelerate the digital transformation of healthcare into a new system of health assurance.

Health Assurance Acquisition plans to list on the Nasdaq under the symbol HAAC.U. Morgan Stanley acted as a lead manager on the deal.