Graf Global Corp SEC Filings

Graf Global Corp. filed its Q3 2025 10-Q, reporting net income of $1,748,701 for the quarter, driven by $2,546,885 of interest on its Trust Account and offset by $798,184 of general and administrative costs. For the nine months, net income was $6,215,425 on $7,480,079 of trust interest.

The SPAC held $243,244,843 in its Trust Account as of September 30, 2025, with Class A ordinary shares redeemable at approximately $10.58 per share. Cash outside the trust was $699, and the company reported a working capital deficit of $607,541. Deferred underwriting fees total $9,800,000.

Management highlighted substantial doubt about the company’s ability to continue as a going concern given its Combination Period ending on June 27, 2026. As of November 13, 2025, there were 23,000,000 Class A and 5,750,000 Class B ordinary shares outstanding. Warrants outstanding totaled 17,500,000, each exercisable at $11.50 per share subject to a business combination.

Graf Global Corp. received a Schedule 13G/A showing that a group led by Wolverine Asset Management, LLC and affiliated entities holds 1,100,516 Class A ordinary shares, equal to 4.78% of the 23,000,000 outstanding Class A shares cited in the filing. The filing states the positions are held in the ordinary course of business and not to influence control. All reporting persons—Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, Christopher L. Gust and Robert R. Bellick—report shared voting and dispositive power over the same 1,100,516 shares and no sole voting or dispositive power.

The percentage is calculated using the issuer’s reported share count as of 08/13/2025. Signatures from authorized representatives are dated 10/07/2025.

Polar Asset Management Partners Inc. disclosed in a Schedule 13G/A that it beneficially owns 800,000 Class A ordinary shares of Graf Global Corp, representing 3.5% of the class. The position is held directly by Polar Multi-Strategy Master Fund and Polar reports sole voting and sole dispositive power over all 800,000 shares. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer. Because the stake is below 5% and the filer affirms passive intent, it is reported on Schedule 13G/A, not Schedule 13D.

Graf Global Corp. is a blank check company that has not commenced operating activities and holds proceeds from its Initial Public Offering in a Trust Account to fund an initial Business Combination. The company sold 23,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000, plus $6,000,000 from private placement warrants; after allocation and accretion, total assets were $241,028,593 as of June 30, 2025.

Graf generated substantial non-operating income from interest on the Trust Account: $2,489,888 for the quarter and $4,933,194 for the six months ended June 30, 2025, producing net income of $2,296,567 and $4,466,724, respectively. Cash outside the Trust Account was limited at $107,238 with working capital of $190,643. The Class A ordinary shares subject to possible redemption reflected a redemption value of $240,697,958. Management discloses substantial doubt about the company’s ability to continue as a going concern absent additional capital or a completed Business Combination by the stated Combination Period.

Barclays PLC reports in a Schedule 13G amendment that it beneficially owns 988,919 shares of Graf Global Corp Class A common stock, representing 4.29% of the class. The filing shows Barclays has sole voting and sole dispositive power over these shares.

The filing states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Graf Global. It also identifies Barclays Bank PLC as a related subsidiary. This disclosure reflects a passive stake below the 5% threshold and does not indicate an intent to exert control.