James Graf's SPAC Graf Acquisition III withdraws $300 million IPO

Graf Acquisition III, a blank check company led by SPAC veteran James Graf targeting industrial and other sectors, withdrew its plans for an initial public offering on Friday. It had filed in February 2021 to raise $300 million by offering 30 million units at $10, one share of common stock and one-fifth of a warrant.

The company was set to be led by CEO 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 2018 IPO Graf Industrial, which completed its acquisition of Velodyne Lidar (Nasdaq: VLDR; -78% from $10 offer price) in September 2020.

The The Woodlands, TX-based company was founded in 2021 and had planned to list on the NYSE under the symbol GRAF.U. Oppenheimer & Co. and J.P. Morgan were set to be the joint bookrunners on the deal.