Graf Industrial Corp. To Price Their $225 Million SPAC Tonight

IPO Ahead

Graf Industrial Corp. To Price Their $225 Million SPAC Tonight

Oct 15, 2018 INTEL by Kristi Marvin

Graf Industrial Corp. is now expected to price their $225 million industrials-focused SPAC tonight for trading tomorrow.  Graf Industrial is being led by James Graf, as CEO and Director and as previously mentioned, Mr. Graf has formerly served on three “Eagle” SPACs (Double, Silver and Global) and another Eagle that is still searching (Platinum).

Graf Industrial’s unit, which is comprised of one share of common stock and one warrant for half a share, will begin trading Tuesday morning under the symbol NYSE: GRAF.U

Summary of terms located below:

  • Focus:  Industrials
  • Size: $225 million
  • 100.0% held in trust ($10.00 per share)
  • $10.00 unit:  one Share of Common Stock + 1 Warrant for 1/2 Share
  • Warrant redemption trigger: >$18.00 (cash or cashless exercise)
  • 15 months (+ 3 months) to complete an acquisition:
    • 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.

 

ByKristi Marvin