Ivan Martynov
Alfalfa farm manager African Agriculture (AAGR) has scrapped a proposed IPO and agreed to go public through a merger with SPAC 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA), which recently terminated a merger deal with Prime Blockchain.
Shares of the combined company are expected to trade on Nasdaq. The deal, which is expected to close during the first half of 2023, estimates the enterprise value of the combined company at $450M.
African Agriculture is a manager of farmland in West Africa, with a focus on raising alfalfa, a crop used extensively in the livestock and dairy industries. The company currently operates a large-scale alfalfa farm in Senegal and has signed agreements for additional farmland in Niger.
10X Capital Venture had been expected to merge with bitcoin miner Prime Blockchain through a deal that carried an enterprise value of $1.25B, but the deal was terminated in August.
Meanwhile, African Agriculture had been pursuing an IPO, with shares expected to list on Nasdaq under the symbol AAGR. The company's most recent IPO filing was made in August.
For more on African Agriculture, check out SA contributor Donovan Jones's "African Agriculture Starts US IPO Effort."