Welcome to our dedicated page for Graf Acquisition IV news (Ticker: GFOR), a resource for investors and traders seeking the latest updates and insights on Graf Acquisition IV stock.
Graf Acquisition Corp. IV (Symbol: GFOR) is a blank check company incorporated in Delaware. The company’s primary purpose is to execute mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more businesses. Graf focuses on industrial companies, particularly those involved in diversified industrial manufacturing, technology, distribution, and service sectors within the United States and Canada.
Graf has recently been active in pursuing a significant business combination with NKGen Biotech, Inc., a clinical-stage biotechnology company specializing in innovative natural killer cell therapies. NKGen develops and commercializes both autologous and allogeneic CAR-NK cell therapies, positioning itself at the forefront of cutting-edge biotechnological advancements. Headquartered in Santa Ana, California, NKGen’s mission aligns with Graf's strategic focus, thus making this merger a vital step for both companies.
On September 11, 2023, Graf announced the adjournment of its Special Meeting intended for approving the business combination with NKGen. Despite having received sufficient proxy votes to approve the proposals, the meeting was postponed to September 13, 2023, to allow more time to secure additional financing. The meeting was again rescheduled for September 20, 2023, and then to September 25, 2023, to meet the necessary financial conditions, which include obtaining at least $50 million in additional funding. In a recent development, NKGen waived this $50 million minimum cash condition, indicating strong confidence in the successful closure of the merger.
Graf's financial condition remains robust, thanks to its strategic partnerships and experienced management team. The company’s executive officers and directors actively participate in the solicitation of proxies to ensure that all stockholders are well-informed and their votes are accurately represented. The company continues to engage with stockholders through various communication channels, including proxy solicitation services provided by Morrow Sodali LLC.
Graf has filed a comprehensive registration statement on Form S-4 with the SEC, detailing the proposed business combination. Stockholders are encouraged to review the definitive proxy statement/prospectus available on the SEC's website for detailed information about the merger and its implications.
Overall, Graf Acquisition Corp. IV remains committed to achieving its goal of combining with industrial and technology-driven businesses, leveraging its financial strength to create lasting value for its stockholders.
Graf Acquisition Corp. IV (NYSE: GFOR) and NKGen Biotech have signed a non-binding letter of intent for a potential business combination. NKGen, established in 2017 and based in Santa Ana, CA, specializes in natural killer cell therapies aimed at treating neurodegenerative diseases and cancer. The combination is subject to due diligence and board approvals, with no guarantee of completion. Both companies plan to release more details upon executing a definitive agreement. The merger presents opportunities for expanding NKGen's therapeutic offerings but remains contingent on various conditions.
Graf Acquisition Corp. IV (NYSE: GFOR) has withdrawn its Extension Proposal to delay the deadline for a business combination from May 25, 2023 to September 29, 2023. This decision comes ahead of the special stockholder meeting scheduled for December 21, 2022. Consequently, shareholders will not have the option to redeem shares for a pro rata portion of the trust account funds. Shares already submitted for redemption will be returned promptly. The withdrawal does not affect three other proposals on the ballot.
Graf Acquisition Corp. IV (NYSE: GFOR) has successfully closed the issuance of an additional 2,161,500 units from its IPO, marking 96.1% of the total over-allotment option. This sale at $10.00 per unit yields gross proceeds of $21,615,000, raising total proceeds from the IPO to $171,615,000. Led by a diversified management team, the Company aims to pursue business combinations across multiple sectors, including technology and healthcare, leveraging their extensive industry networks. J.P. Morgan and Oppenheimer & Co. managed the offering.
Graf Acquisition Corp. IV (NYSE: GFOR) has successfully completed its IPO, raising $150,000,000 by offering 15,000,000 units at $10.00 each. The units will trade as "GFOR.U" on the NYSE, each comprising a common stock share and one-fifth of a warrant. The company aims to explore diverse industries for potential business combinations, leveraging its management team's expertise. The proceeds have been placed in trust for future use, with a provision for underwriters to purchase an additional 2,250,000 units. Forward-looking statements indicate potential risks associated with the offering.
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