10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5.
In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s IPO in 2021. Following the redemptions, there are now 262,520 Class A ordinary shares held by public holders remaining.
Each holder of 10X II ordinary shares, excluding those requested for redemption, will see their ordinary shares converted into 1 share of African Agriculture’s common stock. Additionally, they will receive an extra 0.39556 shares of African Agriculture’s common stock.
As a result, the public holders of the 262,520 10X II Class A ordinary shares will gain an additional 103,842 shares, totaling approximately 366,362 shares of African Agriculture’s common stock.
Following the closing, the ordinary shares of the combined company are expected to begin trading on the NASDAQ under the ticker symbols “AAGR” and “AAGRW”, respectively. Upon listing, African Agriculture will be the first pure-play U.S.-listed agriculture company operating in Africa.
The parties initially announced their $450 million deal on November 3. New York-based African Agriculture is developing alfalfa farms at two sites in Senegal and Niger.
African Agriculture will be led by CEO Alan Kessler, who brings over 25 years of experience as an operator, advisor, and investor in commodities and emerging markets.
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