Graf Global Corp is a special purpose acquisition company (SPAC) with no operations, revenue, or employees beyond its CEO/CFO, James Graf. Graf Global raised $230M in its June 2024 IPO by selling 23M units at $10.00 each, with proceeds held in a Trust Account invested in U.S. Treasuries. The company has until approximately June 2026 to complete a Business Combination — a merger with a private company that takes that company public — or it must return Trust Account funds to shareholders. Graf Global's "product" is essentially access to public capital markets for a private target company, offering a path to a public listing and up to $230M in capital. Public shareholders have downside protection, as they can redeem shares at approximately $10.00 plus interest if they dislike the proposed deal. Each IPO unit included half a warrant to buy a Class A share at $11.50, giving investors upside post-combination. The sponsor received 5.75M Founder Shares for a nominal $25,000 investment, creating a strong incentive to close a deal, since those shares expire worthless if no combination is completed — a well-known structural conflict in the SPAC model. Graf Global has no specific sector or geography focus, but targets businesses with defensible market positions, strong free cash flow, and credible management teams. James Graf previously completed two SPAC business combinations, and Graf Global points to that track record as its primary competitive differentiator in sourcing deals.