Graf Global Corp., a blank check company incorporated in the Cayman Islands, has reported its financial results for the fiscal year ending December 31, 2024, in its recent Form 10-K filing. The company generated a net income of $5.2 million, primarily from interest income of approximately $5.8 million earned on cash held in its Trust Account. This marks a significant turnaround from the previous fiscal year, where the company reported a net loss of $3,151. The increase in net income is attributed to the successful completion of its initial public offering (IPO) and the subsequent management of funds.
In June 2024, Graf Global Corp. completed its IPO, selling 23 million units at $10 each, raising gross proceeds of $230 million. The offering included the full exercise of an over-allotment option, which contributed an additional 3 million units. The company also sold 6 million Private Placement Warrants for $6 million, which were issued simultaneously with the IPO. As of December 31, 2024, the company had approximately $235.8 million in its Trust Account, which is earmarked for future business combinations, and $479,628 in unrestricted cash for operational expenses.
The filing also highlights the company's strategic focus on identifying and completing a business combination within a 24-month timeframe from the IPO. As of the end of 2024, Graf Global Corp. had not yet identified a target business for acquisition, which raises concerns about its ability to meet the deadline. If the company fails to complete a business combination by June 27, 2026, it will be required to liquidate and redeem public shares at a pro-rata amount from the Trust Account, which could be approximately $10 per share.
Operationally, the company has incurred $531,279 in formation and operational costs during the fiscal year, reflecting its ongoing efforts to identify potential acquisition targets. The management team, led by CEO James A. Graf, has indicated that they are actively pursuing opportunities across various industries and geographic locations. However, the company faces significant competition from other special purpose acquisition companies (SPACs) and market conditions that could impact its ability to secure a favorable business combination.
Looking ahead, Graf Global Corp. remains committed to completing its initial business combination and is exploring various financing options to support its operational needs. The management team has expressed confidence in their ability to identify a suitable target, although they acknowledge the inherent risks and uncertainties associated with the SPAC model and the current economic environment.
About Graf Global Corp.
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