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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 IV (NYSE: GFOR) has withdrawn its Extension Proposal to delay the deadline for a business combination from May 25, 2023 to September 29, 2023.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.
Positive
None.
Negative
Withdrawn Extension Proposal means no more time for business combination until May 2023.
Shareholders lose opportunity for share redemption in the special meeting.
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Graf Acquisition Corp. IV (NYSE: GFOR, GFOR.U, GFOR WS) (the “Company”) today announced that it is withdrawing from the ballot for its special meeting of stockholders to be held on December 21, 2022 (the “Special Meeting”) the proposal to amend the Company’s certificate of incorporation to extend the date by which the Company must consummate a business combination from May 25, 2023 to September 29, 2023 (the “Extension Proposal”). The withdrawal of the Extension Proposal has no effect on the three other proposals on the ballot for the Special Meeting. As a result of the withdrawal of the Extension Proposal, the Company will cease to provide stockholders with the opportunity to redeem their shares for a pro rata portion of the funds held in the trust account in connection with the Special Meeting. Any shares already submitted for redemption will be returned to shareholders promptly.
About Graf Acquisition Corp. IV
Graf Acquisition Corp. IV is a blank check company newly incorporated as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
Additional Information and Where to Find It
The Company has filed a definitive proxy statement (the “Extension Proxy Statement”) to be used to approve the Extension. The Company has mailed the Extension Proxy Statement to its stockholders of record as of November 18, 2022 in connection with the Extension. Investors and security holders of the Company are advised to read the Extension Proxy Statement and any amendments thereto, because these documents will contain important information about the Extension and the Company. Stockholders will also be able to obtain copies of the Extension Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Graf Acquisition Corp. IV, 1790 Hughes Landing Blvd., Suite 400, The Woodlands, Texas 77380.
Participants in the Solicitation
The Company and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the Extension under the rules of the SEC. Information about the directors and executive officers of the Company and a description of their interests in the Company and the Extension are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022 and the definitive Extension Proxy Statement, which was filed with the SEC on November 23, 2022. These documents can be obtained free of charge from the sources indicated above.
What is the significance of Graf Acquisition Corp. IV withdrawing the Extension Proposal?
Withdrawing the Extension Proposal means that Graf Acquisition Corp. IV will not have extra time to finalize a business combination. This limits options for shareholders.
What will happen to shares submitted for redemption due to the withdrawal of the Extension Proposal?
Any shares submitted for redemption will be returned promptly to the shareholders as the Extension Proposal is no longer active.
What are the other proposals on the ballot for the December 21, 2022 Special Meeting?
The other three proposals remain unaffected by the withdrawal of the Extension Proposal and will still be considered at the Special Meeting.
What was the original deadline for the business combination for Graf Acquisition Corp. IV?
The original deadline for the business combination was May 25, 2023, before the proposal to extend it to September 29, 2023.
When was the Special Meeting scheduled for Graf Acquisition Corp. IV?
The Special Meeting for Graf Acquisition Corp. IV is scheduled for December 21, 2022.
