10X Capital Venture Acquisition II said shareholders approved extending the SPAC’s deadline from May 13 to Aug. 13 with a provision alloeing the board to extend a further six times in monthly increments. The SPaC has said the extra time is needed to close its proposed merger with African Agriculture.
Redemptions of $26 million ahead of the extension vote left $21.9 million in the 10X II trust.
The deal with African Agriculture has a $10 million minimum cash condition.
The SPAC had secured non-redemption agreements covering 9.99% of its total outstanding shares.
10X II and the target have also 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 raised $200 milllion in an August 2021 IPO. Read more.
