Graf Acquisition Corp. IV (NYSE:GFOR) announced this morning that it plans to adjourn today’s vote to complete its combination with NKGen without conducting any business.
The special meeting will be pushed to 10:30 am ET September 8. Graf IV noted in its press release that it has received sufficient votes to approve all measures on its ballot, but it has decided to take additional time to arrange new financing.
The combination carries a $50 million minimum cash condition and the SPAC went into the vote with about $62 million in trust after 64.5% of shares were redeemed earlier. NKGen’s majority shareholder NKMax (KOSDAQ:182400) agreed to a backstop of up to $25 million at announcement, but the parties have not yet announced other committed equity financing.
The two sides initially announced their $160 million combination in April. Santa Ana, California-based NKGen has five pharmaceutical formulas that have each reached some stage of Phase I and Phase II clinical trials seeking potential therapies for cancer and neurodegenerative conditions like Parkinson’s and Alzheimer’s.
Last week, NKGen announced that it had dosed the first patient with SNK-02 as a part of Phase I studies into the drug candidate’s efficacy in treating solid tumors.
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...