Categories: Business

African Agriculture scraps IPO, agrees to merger with SPAC 10X Capital Enterprise

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Ivan Martynov

Alfalfa farm supervisor African Agriculture (AAGR) has scrapped a proposed IPO and agreed to go public by way of a merger with SPAC 10X Capital Enterprise Acquisition Corp. II (NASDAQ:VCXA), which lately terminated a merger deal with Prime Blockchain.

Shares of the mixed firm are anticipated to commerce on Nasdaq. The deal, which is anticipated to shut through the first half of 2023, estimates the enterprise worth of the mixed firm at $450M.

African Agriculture is a supervisor of farmland in West Africa, with a deal with elevating alfalfa, a crop used extensively within the livestock and dairy industries. The corporate presently operates a large-scale alfalfa farm in Senegal and has signed agreements for extra farmland in Niger.

10X Capital Enterprise had been anticipated to merge with bitcoin miner Prime Blockchain by way of a deal that carried an enterprise worth of $1.25B, however the deal was terminated in August.

In the meantime, African Agriculture had been pursuing an IPO, with shares anticipated to record on Nasdaq underneath the image AAGR. The corporate’s most up-to-date IPO submitting was made in August.

For extra on African Agriculture, try SA contributor Donovan Jones’s “African Agriculture Begins US IPO Effort.”

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