Graf Acquisition Corp. IV (GFOR) Announces LOI with NKGen Biotech

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen.

This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a shift for a team that has focused on other technology sectors in its past deals.

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.

Its only active trial is a Phase I study of its SNK01-US01 candidate that attempts to use autologous natural killer cells to reduce advanced solid tumors in adults, according to its website.

Graf IV CEO James Graf served as an officer in several of the Eagle team SPACs before going solo with Graf Industrial, which combined with Velodyne Lidar in September 2020. Graf II and III ultimately withdrew their registration statements, but mentioned “mobility, technology [and] transportation” as their first target sectors.

The SPAC aims to release additional details about the transaction once a definitive agreement is reached, and Graf IV will remain in SPACInsider‘s “Searching” column until then.