ST. LOUIS — Post Holdings Partnering Corp. (PHPC), a business unit of Post Holdings, Inc. that earlier this year formed a special purpose acquisition company (SPAC) with the intention of raising funds to partner with a business in the consumer products space, disclosed in a revised S-1 filing with the US Securities and Exchange Commission that it’s reducing a planned initial public offering. Post, which initially was thought to be seeking $400 million in fundraising, is now eyeing $300 million by offering 30 million units at $10 each, according to the April 8 filing.

In addition, the SPAC indicated that the underwriters’ overallotment options have been cut to cover 4.5 million investing units, down from 6 million previously.

Post also noted that its sponsor, PHPC Sponsor, LLC, is scaling back its planned private-placement purchase to $10 million for 1 million Series B forward-purchase units, down from the $12 million for 1.2 million such units originally expected. If underwriters exercise all overallotment options, the private-placement purchase could rise to $10.9 million for 1.09 million Series B units, which would still fall short of the $13.2 million for 1.32 million units that Post originally anticipated back in February.

Post added in the April 8 filing that its sponsor has indicated that it or one of its affiliates has an interest in purchasing, directly or indirectly, up to 4 million units in the offering at the public offering price.

SPACS are corporations designed to take companies public without going through the traditional initial public offering process.

Post Holdings Partnering Corp. will be managed by Post’s management team. Robert V. Vitale, president and chief executive officer of Post, will serve as the SPAC’s chief investment officer. Bradly A. Harper, Post’s chief accounting officer, will serve as chief financial officer of PHPC.

SPACs reemerged in 2020 as a popular investment tool to raise capital, and it has been utilized by several food companies. Collier Creek Holdings combined with Utz Quality Foods, LLC to form Utz Brands, Inc. The new company started trading on the New York Stock Exchange on Aug. 31, 2020. In early February, Stryve Foods LLC merged with the SPAC Andina Acquisition Corp. III to form Stryve Foods, Inc.