Using the grasp meaning of 把 and combining it with grip, you can tell you're grasping at something and then gripping it. I usually grasp then grip at things flying at me, which makes this word mean grasp or catch.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
Honestly, I haven’t even been able to grasp the overall situation yet.