NK Max, US Subsidiary SPAC Merger Shareholder Approval... Nasdaq Listing Imminent

NKMAX has completed all procedures for the listing of its U.S. subsidiary NKGen Biotech. NKGen Biotech is set for its first trading on Nasdaq.

Special Purpose Acquisition Company (SPAC) Graf Acquisition Corp. IV (hereinafter Graf) announced on the 26th that the merger proposal with NKGen Biotech was approved at the shareholders' meeting held on the 25th (local time).

NKGen Biotech received approval from the U.S. Securities and Exchange Commission (SEC) in August for its listing through the merger with Graf. With only the approval of Graf’s shareholders remaining, all procedures were completed with this shareholders' meeting.

Currently traded on the New York Stock Exchange (NYSE), Graf (NYSE: GFOR) will change its ticker symbol to ‘NKGN’ and begin trading on the Nasdaq Global Market. Only the process of moving from the NYSE to the Nasdaq market remains.

The Nasdaq market is divided into ▲Global Select Market ▲Global Market ▲Capital Market. The Global Market, where NKGen Biotech will be listed, is mainly chosen by companies with high growth potential and requires meeting various listing criteria. It has a more stringent listing review compared to the Capital Market and facilitates fundraising from global investors.

NKGen Biotech is currently a cell therapy development specialist company in which NKMAX holds an 89% stake. It has secured U.S. and European rights for NKMAX’s natural killer (NK) cell therapy pipeline and is conducting clinical trials.

NKGen Biotech plans to utilize the large-scale funds raised through this merger for clinical trials and research funding. Soon, NKGen Biotech will initiate Phase 2 clinical trials in the U.S. for its autologous NK cell therapy ‘SNK01’ targeting Alzheimer’s disease and solid tumors.

Park Sang-woo, CEO of NKMAX, stated, “This is an opportunity to have the value of our pipeline re-evaluated in the U.S., a representative capital market,” adding, “We also expect positive external effects such as enhanced credibility and improved image through the listing.”

This content was produced with the assistance of AI translation services.