African Gold Acquisition in an 8-K filing revealed it has uncovered “improper withdrawals” from its bank accounts. A subsequent interrnal investigation resulted in the termination of CFO Cooper Morgenthau, according to the filing, which does not cite the amount of missing funds.
The SPAC noted that the “irregularities” did not extend to its trust account, which holds about $415.5 million.
The SPAC completed its IPO in Bebruary 2021. African Gold Acquisition intends to focus on a target with operations or prospective operations in the gold mining sector.
Because the SPAC was unable to file a timely 10-Q by the June 30 deadline while its internal investigation was underway, African Gold received a delisting notice from the NYSE. The SPAC is now working to file the financial report and regain compliance, although cautioned it may be unable to submit the 10-Q until its investigation concludes. Read more.
