Big3 Basketball to List via $290M SPAC Merger with Graf Global
GRAF•Big3 basketball league signed a $290 million merger agreement with SPAC Graf Global Corp. to become the first publicly traded professional sports league in U.S. history. Renamed Big3 Basketball Holdings with ticker TONT, the company targets a Q4 2026 listing and plans franchise expansion ahead of regulatory approvals.
1. Merger Agreement and Historic Milestone
Big3 basketball league has entered a definitive $290 million merger agreement with Graf Global Corp., a publicly traded SPAC, marking it as the first pro sports league in U.S. history to pursue a public listing through a business combination.
2. Listing Timeline and Corporate Renaming
Upon closing, the combined entity will be renamed Big3 Basketball Holdings and is expected to trade under the ticker TONT, with management targeting a listing on NYSE, NYSE American or Nasdaq in the fourth quarter of 2026.
3. Franchise Expansion and Approvals
Management plans to expand the league’s city-based franchise model by announcing and selling additional teams before the listing, while securing necessary regulatory approvals and preparing financial disclosures ahead of the public market debut.
4. Fan Ownership and Community Impact
This transaction allows fans to buy shares via standard brokerage accounts, offering direct participation in league growth and representing a landmark move to create ownership opportunities, particularly for Black investors, outside traditional venture capital channels.
