• NKGen Biotech, Inc. (“NKGen”), a clinical-stage Natural Killer (NK) cell therapy company, has entered into a merger agreement with Graf Acquisition Corp. IV completed
• NKGen Biotech, Inc.’s non-genetically modified, enhanced and expanded NK cells have the potential to be a potential treatment for Alzheimer’s and Parkinson’s diseases and other neurodegenerative and oncological diseases
• NKGen is expected to have a pro forma enterprise value of at least $160 million based on a pre-investment equity value of $145 million plus conversion to equity on closing of at least $15 million of outstanding private equity convertible securities and accrued interest
• Initial Phase I study data is expected to be presented at the June 2023 American Society of Clinical Oncology Annual Meeting and at the July 2023 Alzheimer’s Association International Conference
• A closing condition of the business combination is a minimum of $50 million in net proceeds, including a backstop commitment of up to $25 million from NKGen Biotech’s controlling shareholder, the proceeds of which are expected to be used to fund NKGen Biotech, Inc will be phase II studies and operation by Q2 2025
• Business combination expected to close in Q3 2023

SANTA ANA, Calif. and THE WOODLANDS, Texas, April 14, 2023 (GLOBE NEWSWIRE) — NKGen Biotech, Inc. (“NKGen”), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic and CAR -NK Natural Killer (“NK”) cell therapeutics and Graf Acquisition Corp. IV GFOR GFOR.U, GFOR WS))) (“Graf”), a New York Stock Exchange-listed special purpose acquisition company formed by series SPAC founder James Graf along with Sabrina McKee and Tony Kuznik, announced today that they have entered into a definitive agreement (the “Merger Agreement”) for a business combination (the “Business Combination”). Upon completion of the business combination, Graf will be renamed “NKGen Biotech, Inc.” and is expected to appear at the New York…