James Graf's SPAC Graf Acquisition II withdraws $225 million IPO

Graf Acquisition II, a blank check company led by SPAC veteran James Graf targeting industrial and other sectors, withdrew its plans for an initial public offering on Tuesday. It had filed in February 2021 to raise $225 million by offering 22.5 million units at a price of $10, with each unit containing 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. He previously led 2018 IPO Graf Industrial, which completed its acquisition of Velodyne Lidar (VLDR; -79% from $10 offer price) in 2020, and May 2021 IPO Graf Acquisition IV (GFOR.U; -1%), which is reportedly in talks to merge with roadside-assistance firm Urgently. Graf Acquisition III (GRAF.U) withdrew earlier this month.

Graf Acquisition II planned 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.

The The Woodlands, TX-based company was founded in 2020 and planned to list on the NYSE under the symbol GTOO.U. J.P. Morgan and Oppenheimer & Co. were set to be the joint bookrunners on the deal.