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James Graf's SPAC Graf Acquisition II files for a $225 million IPO

February 16, 2021

Graf Acquisition II, a blank check company led by SPAC veteran James Graf targeting industrial and other sectors, filed on Friday with the SEC to raise up to $225 million in an initial public offering.

The The Woodlands, TX-based company plans to raise $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Graf Acquisition II would command a market value of $281 million.

The company is led by CEO and Director James Graf, who previously served as a Managing Director of Singapore-based investment bank TC Capital and was a consultant to Metro-Goldwyn-Mayer. Graf has also held various roles with SPACs and previously led October 2018 IPO Graf Industrial, which completed its acquisition of Velodyne Lidar (VLDR; +132% from $10 offer price) in September 2020.

Graf Acquisition II plans to target businesses in the mobility, technology, transportation, new energy software, business real estate services, financial and data services, healthcare, diversified industrial manufacturing, technology, distribution and services industries, as well as those that help to address evolving environmental, social, and governance related issues.

Graf Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol GTOO.U. Oppenheimer & Co. is the sole bookrunner on the deal.