African Agriculture and 10X Capital Venture Acquisition II executed a definitive merger agreement at a pre-money enterprise value of $450 million. If approved, the combined company is expected to list on the Nasdaq.
African Agriculture (AAGR) is a global food security company operating a commercial-scale alfalfa farm to meet the growing demand for agricultural commodities,
10X II and AAGR have secured a $100 million standby equity facility from an affiliate of Yorkville Advisors. 10X II has also entered into a forward purchase agreement for up to $100 million with a client of Cohen and Company — a backstop to offset potential redemptions. Entities and funds managed by Cohen own equity interests in 10X II’s sponsor.
The SPAC in August terminated a merger agreement with PrimeBlock, an infrastructure provider for blockchain technology. 10X raised $200 million in an August 2021 IPO. It’s current market cap is about $275 million.
10X II must have at least $10 million in cash at closing to complete the African Agriculture deal, according to a regulatory filing. Read more.
