(This post has been amended. The original post listed Graf Industrial’s life as 18 months and has since been corrected to 15 months + 3 months)
This morning, Graf Industrial Corp. filed an amended S-1, and in light of a new filing and needing to clear comments with the SEC, a pricing will most likely happen now on Thursday or next week. However, we have had two recent SPACs that were able to re-file and price on the same day (Churchill and ChaSerg), so there is always the possibility that Graf could go sooner.
Additionally, in light of Hunter Maritime’s news, you can bet we checked the Trust Agreement and everything looks on the up and up. Management can only withdraw interest from the Trust to pay income or franchise taxes. Furthermore, if it is for franchise tax, the SPAC needs to provide “a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable.”
Summary of terms below.
Graf Industrial Corp. Summary of Terms:
- Focus: Industrials
- Size: $225 million
- 100.0% held in trust ($10.00 per share)
- $10.00 unit: 1 Share of Common Stock + 1 Warrant for 1/2 Share
- Warrant call for redemption trigger: > $18.00 (cash or cashless exercise)
- Life: 15 months + 3 months with extension
- If an additional 3 months is needed, the public warrants become exercisable for 3/4 share
- At-risk Capital: $6.7 million (13,400,000 warrants at $0.50)
- “Crescent Term” included
- Underwriter fees: 2.0% + 3.5% “Business Combination Marketing” fee
EarlyBirdCapital and Oppenheimer & Co are co-bookrunning managers. I-Bankers Securities is co-manager.
Winston & Strawn LLP and Graubard Miller are Issuer’s Counsel and Underwriter’s Counsel, respectively.


Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...