GFOR - NKGen Biotech to go public via business combination with Graf Acquisition

2023-04-17 02:23:12 ET

Clinical stage natural killer cell therapy company, NKGen Biotech enters merger with Graf Acquisition ( NYSE: GFOR ).

NKGen is expected to have a pro forma enterprise value of at least $160M, based on $145M in pre-money equity value plus conversion to equity at closing of at least $15M of outstanding private convertible securities and accrued interest.

As a closing of the business combination , at least $50M in net proceeds are required, including up to $25M backstop commitment from NKGen Biotech’s majority stockholder, which will fund trials and operations through Q2 2025.

The business combination is expected to close in Q3 2020.

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