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.
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