Graf Global Corp. (TONT)

Graf Global Corp. is a special purpose acquisition company, or blank-check company, formed to complete a merger, share exchange or similar business combination with an operating business. It was founded by serial SPAC sponsor James Graf and is based in The Woodlands, Texas. Like other SPACs, it has no operations of its own, and the proceeds of its initial public offering are held in a trust account until a deal is completed or the company is wound up.

Graf Global has agreed to combine with BIG3, the professional three-on-three basketball league co-founded by Ice Cube and Jeff Kwatinetz. In anticipation of that transaction the company changed its ticker to TONT, a reference to the league's "3-on-3" format. If the deal closes, the combined company is expected to operate as Big3 Basketball Holdings, with the league's media, sponsorship, ticketing and team operations becoming the public company's business.