Graf Acquisition IV said today’s shareholder meeting to vote on the proposed merger with NKGen Biotech will be adjourned until Sept. 8 at 10:30 a.m., Eastern.
Although the SPAC said it has already received enough votes to approve the deal, it still needs to obtain additional financing to satisfy the $50 million minimum cash condition to close.
That condition can be waived by NKGen in its sole discretion.
The $160 million deal was announced in April.
The target is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic and CAR-NK Natural Killer (“NK”) cell therapeutics.
The SPAC raised nearly $171 million in an IPO more than two years ago, although redemptions on extension votes since then have taken a big bite out of the trust. Read more.
