GRAFMEDIUM SIGNALRISK10-Q

GRAF's cash position has deteriorated significantly from $107K to just $699 in operating funds, creating a working capital deficit and heightening liquidity concerns ahead of its June 2026 business combination deadline.

The company's operating cash has fallen to critically low levels while maintaining its June 2026 deadline to complete a business combination worth at least 80% of trust account value. This cash burn trajectory raises immediate liquidity concerns for a SPAC that has not yet identified acquisition targets or commenced operations.

Comparing 2025-11-13 vs 2025-08-13View on EDGAR →
FINANCIAL ANALYSIS

GRAF's financial position shows signs of stress with current assets declining 41% to $196K and operating cash falling to just $699, creating a working capital deficit of $608K. Net income decreased modestly to $1.7M, likely reflecting trust account investment returns. The overall picture reveals a SPAC under increasing financial pressure as it approaches its combination deadline with minimal operating liquidity.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
-40.6%
$331K→$196K

Current assets declined 40.6% — monitor working capital adequacy and short-term liquidity.

Net Income
P&L
-23.9%
$2.3M→$1.7M

Net income declined 23.9% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2025-11-13
PRIOR — 2025-08-13
ADDED
The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses ( Business Combination ).
As of September 30, 2025, the Company had not yet commenced operations.
Pursuant to NYSE American listing rules, the Company must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the Trust Account (as defined below) (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) at the time the Company signs a definitive agreement to enter into an initial Business Combination.
Liquidity and Going Concern As of September 30, 2025, the Company had $ 699 in its operating bank account and working capital deficit of $ 607,541 .
The Company initially has until June 27, 2026 to consummate the initial Business Combination (assuming no shareholder-approved extensions to the Combination Period).
+7 more — sign up free →
REMOVED
The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified ( Business Combination ).
As of June 30, 2025, the Company had not yet commenced operations.
The Company s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account) at the time the Company signs a definitive agreement to enter into an initial Business Combination.
Liquidity and Going Concern As of June 30, 2025, the Company had $ 107,238 in its operating bank account and working capital of $ 190,643 .
The Company initially has until June 27, 2026 to consummate the initial Business Combination (assume no extensions).
+7 more — sign up free →
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →