Graf Acquisition Corp. IV (NYSE:GFOR) announced that it adjourned yesterday’s completion vote for its combination with NKGen Biotech without conducting any business and will reopen proceedings at 10 am ET September 20.
At issue at this point is neither vote turnout, nor approval, but Graf IV’s continued effort to bring in additional financing to the deal in light of redemptions. This new cash may be in the form of equity, debt, grants or other equity-linked securities, but must be enough to get it over the $50 million minimum cash condition in the deal, according to its press release.
Graf IV would still have some time to postpone things further, but not much as its transaction deadline is set for September 25. This is the third time it has adjourned this completion vote and it went into this string of meetings with about $62.2 million in trust.
At announcement, Graf IV’s combination included a backstop of up to $25 million funded by NKGen’s majority shareholder NKMax (KOSDAQ:182400) and it has not yet divulged what its preliminary redemption numbers are looking like.
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.