Graf Acquisition Corp. IV (NYSE:GFOR) announced this morning that it adjourned its Friday vote to complete its business combination with NKGen Biotech and will reconvene it at 4 pm September 13.
While such delays usually go unexplained, Graf IV did note that it has received enough votes to complete the deal, but is working to secure additional financing to meet the transaction’s $50 minimum cash condition.
At announcement, Graf IV’s combination included a backstop of up to $25 million funded by NKGen’s majority shareholder NKMax (KOSDAQ:182400) and the SPAC had about $62 million in trust going into the vote.
Graf IV already adjourned this meeting once, but it has until September 25 to complete a deal under its current deadline, so it could push it further.
The $160 million combination was initially announced in April of this year. 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 month, NKGen announced that it had dosed the first patient with its candidate SNK-02 as a part of Phase I studies into the its efficacy in treating solid tumors.
Graf Acquisition Corp. IV (NYSE:GFOR) has closed its combination with NKGen Biotech and its shares and warrants will begin trading on the Nasdaq under the symbols “NKGN” and “NKGNW” today. The SPAC secured shareholder approval for the deal last week with 84.3% redemptions. Graf IV CEO James Graf is set to join the combined company...
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