Graf Global Corp. (NYSE: GRAF)

Graf Global Corp. is a blank check company incorporated in the Cayman Islands on November 17 2021. It was formed for the purpose of effecting a merger share exchange asset acquisition share purchase reorganization or similar business combination with one or more businesses. The company completed its initial public offering on June 27 2024 selling 23 million units at ten dollars per unit for gross proceeds of two hundred thirty million dollars. Simultaneously it sold six million private placement warrants to its sponsor Graf Global Sponsor LLC at one dollar per warrant generating six million dollars. The total of two hundred thirty million dollars was placed in a trust account to be used solely for completing a business combination. The underwriters received a discount of zero point two zero dollars per unit amounting to four million dollars and are entitled to a deferred fee of zero point four zero dollars per unit on most units and zero point six zero dollars per unit on units sold under the over allotment option totaling nine million eight hundred thousand dollars payable only upon a successful business combination. The company intends to use the trust funds together with any potential cash share or debt consideration to acquire one or more target businesses. As of the filing date it has not commenced any commercial operations and its activities have been limited to organizational tasks preparing for the offering and searching for a suitable target.

Graf Global Corp. has not generated any operating revenues to date. Its only source of income is non operating interest earned on the cash and marketable securities held in the trust account established after its initial public offering. For the three months ended September 30 2025 the company reported interest income of two million five hundred forty six thousand eight hundred eighty five dollars and operating costs of seven hundred ninety eight thousand one hundred eighty four dollars resulting in net income of one million seven hundred forty eight thousand seven hundred one dollars. For the nine months ended September 30 2025 interest income was seven million four hundred eighty thousand seventy nine dollars operating costs were one million two hundred sixty four thousand six hundred fifty four dollars and net income was six million two hundred fifteen thousand four hundred twenty five dollars. For the three months ended September 30 2024 interest income was two million nine hundred ninety five thousand ninety eight dollars operating costs were one hundred ninety five thousand two hundred seven dollars and net income was two million seven hundred ninety nine thousand eight hundred ninety one dollars. For the nine months ended September 30 2024 interest income was three million ninety three thousand six hundred fifteen dollars operating costs were three hundred twelve thousand five hundred forty two dollars and net income was two million seven hundred eighty one thousand seventy three dollars. Operating expenses consist primarily of legal fees accounting and auditing charges regulatory compliance costs and due diligence expenditures incurred while evaluating potential acquisition targets. The company also pays a monthly fee for office utilities and administrative support to an affiliate of its sponsor.

Graf Global Corp. operates within the special purpose acquisition company industry commonly known as the blank check sector. The company’s competitive position is defined by the size of the trust account which held approximately two hundred thirty million dollars at the time of the initial public offering and has grown to over two hundred forty three million dollars including accumulated interest as of September 30 2025. This substantial capital base provides the company with significant funding capacity to pursue a business combination without needing to raise additional external financing at the outset. Another advantage is the backing of its sponsor Graf Global Sponsor LLC which supplied the private placement warrants and continues to provide administrative support through a monthly fee arrangement for office space utilities and secretarial services. The management team has experience in fulfilling the reporting and governance obligations of a public company although the filing does not detail specific prior transactions. The company faces competition from numerous other blank check entities that are also seeking suitable acquisition targets and that may have similar or larger trust accounts. Its ability to complete a business combination before the mandated liquidation date of June 27 2026 will be a key factor in differentiating it from peers. The company has not incurred any long term debt or lease obligations and its capital structure consists solely of the proceeds held in trust and the shares issued in the offering. This clean balance sheet reduces financial leverage risk and may be viewed positively by potential target businesses seeking a partner with minimal encumbrances.

Graf Global Corp. does not currently serve any customers because it has not commenced any business operations or generated any revenue from products or services. The company’s interactions are limited to service providers such as underwriters legal counsel auditors and its sponsor which assist with the offering process compliance and the ongoing search for a potential acquisition target. Consequently there are no end user customers to report at this stage. The company anticipates that once a business combination is completed the resulting entity will serve customers in the industry or industries of the acquired business but until that moment it remains a blank check vehicle without a customer base.