Graf Acquisition Corp. IV (GFOR) Adjourns NKGen Completion Vote for Fourth Time
by Kristi Marvin on 2023-09-22 at 9:07am

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it adjourned Wednesday’s completion vote for its combination with NKGen Biotech without conducting any business and will reopen proceedings at 4:00 p.m., Eastern time, on September 25, 2023

Once again, the adjournment is being done to provide additional time to continue its efforts to obtain additional financing. This new cash may be in the form of equity, debt, grants or other equity-linked securities. However, GFOR most recently added a $10M convertible note as well as a $2 million warrant subscription agreement (1,999,998 warrants at a cost of $1.00 per warrant) and at announcement, Graf IV’s combination included a backstop of up to $25 million funded by NKGen’s majority shareholder NKMax (KOSDAQ:182400).  Previously, this deal had a $50 million minimum cash condition, but according to today’s press release that has now been waived.

Furthermore, GFOR’s sponsors waived the requirement that certain NKGen Stockholders holding 5% or more of the shares of NKGen common stock on a fully-diluted basis as of the date of the Merger Agreement (other than NKMAX and certain NKGen directors and officers) enter into the Lockup Agreement. The effect of this waiver will be that an aggregate of approximately 2,377,171 of the shares of Common Stock held by such NKGen Stockholders after the Closing will be freely tradeable and not subject to lockup restrictions.

In light of these changes, Graf IV has filed a supplement to its proxy. The record date remains the same, which means that stockholder of record as of August 7, 2023 are entitled to vote at the meeting.

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 (GFOR) Adjourns NKGen Completion Vote for Fourth Time
Recent Posts
by Kristi Marvin on 2025-06-28 at 10:02am

Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...

by Nicholas Alan Clayton on 2025-06-27 at 11:20am

Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...

by Nicholas Alan Clayton on 2025-06-27 at 8:25am

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...

by Nicholas Alan Clayton on 2025-06-26 at 7:04pm

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...

by Nicholas Alan Clayton on 2025-06-26 at 4:52pm

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...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved