Graf Industrial, a blank check company formed by SPAC veteran James Graf to acquire an industrial business worth over $1 billion, filed on Tuesday with the SEC for an initial public offering.
The Houston, TX-based company plans to raise $225 million by offering 22.5 million units at a price of $10. At that price, Graf Industrial would command a market value of $281 million. Units consist of one share of common stock and one warrant exercisable for one-half of one share at $11.50 per whole share (exercisable for three-quarters of one share if business combination is more than 15 months from IPO).
Graf Industrial was formed in 2018 and plans to list on the NYSE under the symbol GRAF.U. EarlyBirdCapital and Oppenheimer & Co. are the joint bookrunners on the deal.
