Graf Industrial, a blank check company formed by SPAC veteran James Graf to acquire an industrial business worth over $1 billion, raised $225 million by offering 22.5 million units at $10, as expected.
At $10 per unit, the SPAC commands an IPO market value of $281 million.
Graf Industrial plans to list on the NYSE on Tuesday under the symbol GRAF.U. Each unit consists of one share of common stock and one warrant to purchase one-half of one share of common stock (or three-quarters of one share if an acquisition occurs after 15 months from the IPO) at a price of $11.50 per whole share. The underlying securities will eventually be listed on the NYSE under the symbols GRAF (common shares) and GRAF WS (warrants).
EarlyBirdCapital and Oppenheimer & Co. acted as lead managers on the deal.
