NKGen Biotech and Graf Acquisition IV announced late Friday that they entered into a definitive merger agreement at a pro forma enterprise value of at least $160 million. If approved, upon closing NKGen Biotech is expected to list on the a major exchange under the ticker symbol NKGN.
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.
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.
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.