Graf Global Corp. (TONT.W) Warrant
Each TONT.W warrant gives the holder the right to buy 1 share of Graf Global Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.91, below the strike, so the warrant is out of the money. Graf Global Corp. has a market value of about $154.48M. Graf Global Corp. is a SPAC (deal signed with BIG3 HoldCo LLC (BIG3 basketball league)). It must complete a deal by October 27, 2026 or the warrants expire worthless. There are 11.50M listed warrants; exercising all of them would add 81.2% to the 14.16M shares outstanding.
TONT vs strike, last 12 months
No share-price history for TONT yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.80
From the issuer's S-1/A (2024-06-17).
Company and stock
- Company
- Graf Global Corp.
- Underlying stock
- TONT
- Share price
- $10.91
- Market cap
- $154.48M
- Shares outstanding
- 14.16M
- Value of all listed warrants
- $3.46M (2.2% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3010
- Price / model
Get Pro to see whether TONT.W is cheap or rich against our model.
Dilution
- Shares outstanding
- 14.16M
- Listed warrants
- 11.50M
- Dilution if all exercised
- 81.2%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- deal signed
- Target
- BIG3 HoldCo LLC (BIG3 basketball league)
- Deal announced
- 2026-06-12
- Deadline
- 2026-10-27
- Latest possible deadline
- 2026-12-27
- Trust per share
- $10.87
- Sponsor
- Graf Global Sponsor LLC
- Sponsor's earlier SPACs
- 1 (1 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about TONT.W
When does the TONT.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of TONT.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many TONT.W warrants are outstanding?
11.50M listed warrants, equal to 81.2% dilution if all are exercised.