Graf Acquisition IV in a regulagtory filing included an investor presentation highlighting its proposed merger with NKGen Biotech. Announced in April, the deal has a pro forma enterprise value of at least $160 million.
The pro forma enterprise value is based on $145 million in pre-money equity value plus conversion to equity at closing of at least $15 million of outstanding private convertible securities and accrued interest. Graf and NKGen will pursue new PIPE funding prior to closing the deal and NKMax will backstop up to $25 million cash funded at $10 per share. The transaction has a minimum $50 million cash condition to close.
NKGen is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic and CAR-NK Natural Killer (“NK”) cell therapeutics.
If approved, upon closing NKGen Biotech is expected to list on the a major exchange under the ticker symbol NKGN.
Proceeds are expected to be used toward the funding of the combined company’s business and Phase II trials and operations through Q2 2025. Read more.
