Graf Acquisition IV said it has been informed that more than 65% of its stockholders have already voted to approve a deadline extension to Sept. 29. A formal meeting to vote on the extension is set for next Monday, although the extension is already assured.
Graf in April signed a merger agreement with NKGen Biotech, which is developing cell therapies for neurodegenerative and oncological diseases. The deal has a pro forma enterprise value of at least $160 million and requires a minimum cash condition of $50 million to close.
Graf mamangement believes that the extension provides sufficient time to complete the business combination.
The redemption deadline ahead of the extension vote is 5 p.m. Eastern time tomorrow.
Graf’s sponsor has agreed to deposit into trust the lesser of $165,000 or 3 cents a share per month until the the new deadline. Read more.
