NKGen to go Public via Graf Acquisition Corp. IV SPAC Merger for ~$160M
Shots:
- The combined company is expected to have a pro forma enterprise value of $160M incl. $145M in pre-money equity value and conversion to equity at the closing of $15M of outstanding private convertible securities and accrued interest. Before the business combination's closing, Graf and NKGen will look for new PIPE funding
- $50M in net proceeds are required incl. ~$25M backstop commitment from NKGen Biotech’s majority stockholder which will fund trials & operations through Q2’25. The transaction is expected to close in Q3’23
- Graf will rename “NKGen Biotech, Inc.” & is expected to be listed on NYSE, NYSE American, or Nasdaq under the ticker symbol “NKGN”. NKGen’s SNK01 is currently in a P-I trial in Mexico for advanced AD & two P-I/II in the US for advanced refractory solid tumors
Ref:- GlobeNewswire | Image:- NKGen
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
