10X Capital Venture Acquisition Corp. II Completes Merger with African Agriculture, Inc., Launches on Nasdaq

Key Takeaways

1. Merger Completion: 10X Capital Venture Acquisition Corp. II merges with African Agriculture, Inc., transforming into African Agriculture Holdings Inc.
2. Nasdaq Listing: New entity’s common stock and warrants to trade under “AAGR” and “AAGRW” from December 7, 2023.
3. Share Conversion: Each 10X II ordinary share converted into 1 share of African Agriculture, with additional shares allocated.
4. Operational Focus: African Agriculture operates extensive farmland in West Africa, including a significant alfalfa farm in Senegal.
5. Management and Board Composition: Led by CEO Alan Kessler, the company boasts a diverse and experienced board and management team.

Merger  With 10X Capital and Name Change

10X Capital Venture Acquisition Corp. II (“10X II”) (NASDAQ: VCXA) announced the completion of its merger with African Agriculture, Inc., a major player in global food security. Post-merger, 10X II has been renamed African Agriculture Holdings Inc. (“African Agriculture”). Starting December 7, 2023, African Agriculture’s stocks and warrants are set to trade on the Nasdaq Global Market under the symbols “AAGR” and “AAGRW”.

Shareholder Impact

The merger sees each 10X II ordinary share converted into a single share of African Agriculture’s common stock, adding 0.39556 shares per existing share. This conversion results in 366,362 shares for the public holders of 10X II.

Celebratory Nasdaq Opening Bell

Alan Kessler, CEO of African Agriculture, will symbolically ring the Nasdaq Opening Bell on December 7, 2023, marking the company’s debut in public trading. This event signifies African Agriculture as the first U.S.-listed agriculture company with operations in Africa.

Operational Scale

African Agriculture oversees a significant alfalfa farming operation on 750 acres out of 62,000 acres in Senegal. The company aims to contribute to global food security and capitalize on the thriving alfalfa market, valued at $21 billion in 2021.

Leadership and Governance

CEO Alan Kessler, with over two decades of experience in commodities and emerging markets, leads African Agriculture alongside CFO Harry Green. The board includes notable figures like Orim Graves, Russell Read, Ambassador Modest Jonathan Mero, Daphne Michelle Titus, Ambassador (ret) Bisa Williams, and Osman Ahmed.

Statements from Leadership

Hans Thomas, Chairman and CEO of 10X Capital, expressed enthusiasm for the merger, highlighting African Agriculture’s strategic position in the global alfalfa market and its potential for agricultural production in Africa.

Alan Kessler emphasized the company’s commitment to sustainable agriculture, community support, and growth opportunities in Africa, underscoring the continent’s burgeoning urban population and investment potential.

Image provided by 10X Capital