African Agriculture Withdraws $40M IPO as SPAC Deal Edges Closer to Completion

US-based alfalfa grower African in a filing with the today said it is withdrawing a registered offering to raise up to $40 million.

The company initially registered the offering in March 2022, but in November signed a merger agreement with 10X Capital Venture Acquisition II at a pre-money enterprise value of $450 million.

The announcement by African Agriculture comes a day after 10X disclosed its shareholders approved a deadline extension on completing the deal. However, redemptions of $26 million ahead of the extension vote erased 54% of the SPAC's trust, leaving $21.9 million.

The deal with African Agriculture has a $10 million minimum cash condition. The ne deadline is Aug. 13. Read more.

Source: African Agriculture Withdraws M IPO as SPAC Deal Edges Closer to Completion