Graf Acquisition Corp. IV Currently Has Proxies from More Than 65% of its Stockholders to Approve Extension

Graf Acquisition Corp. IV (NYSE: GFOR) (“Graf”), announced today that it has been informed that it currently has received stockholder votes from more than 65% of its stockholders to approve the Extension to September 29, 2023. Graf stockholders will cast their votes to approve the Extension at the special meeting of Graf stockholders to be held on May 22, 2023.

As previously announced on April 14, 2023, Graf signed a merger agreement for a business combination (the “business combination”) with NKGen Biotech, Inc. (“NKGen”), a biotechnology company developing cell therapies for neurodegenerative and oncological diseases, based on activated natural killer cells, or NK cells. NKGen is expected to release clinical trial data from oncology and Alzheimer’s trials at the American Society of Clinical Oncology (“ASCO”) conference and the Alzheimer’s Association International Conference in June and July 2023, respectively. Graf currently believes that the Extension provides sufficient time to complete the business combination.

The deadline for Graf stockholders to redeem their shares in connection with the Extension is 5:00 p.m., Eastern time, on May 18, 2023. If the Extension is implemented, Graf Acquisition Partners IV LLC, Graf’s sponsor, has agreed to deposit into the Trust Account the lesser of (a) an aggregate of $165,000 per month or (b) $0.03 per month, per share that remains outstanding and is not redeemed in connection with the Extension, commencing on May 26, 2023. Graf urges its stockholders to continue holding their shares into the Extension. Graf reminds stockholders that, if they do not redeem their shares in connection with the Extension and hold their shares, they will have another opportunity to redeem their shares at the accreted value of cash in the Trust Account in connection with the stockholder meeting held to approve the business combination, which meeting is expected to take place in the third quarter of 2023.

In addition, if the Extension is implemented, Graf will move any cash remaining in the Trust Account after redemptions to an interest-bearing deposit account at Citibank, N.A. Such accounts are currently offering annualized yields of approximately 4.75%, but such rates are variable and there is no certainty Graf will realize this yield upon its initial deposit or through the Extension.

None of the proceeds held in or deposited into the Trust Account or interest earned thereon will be used to pay for any excise tax that may be due in connection with any redemptions.

On May 15, 2023, Graf filed a Registration Statement on Form S-4 (File No. 333-271929) relating to the business combination (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”).