10X Capital Venture Acquisition Corp. II Announces Shareholder Approval of Business Combination with African Agriculture, Inc.
December 05 2023 - 5:20PM
10X Capital Venture Acquisition Corp. II (“
10X
II”) (NASDAQ:VCXA), a publicly traded special purpose
acquisition company, announced today that at an extraordinary
general meeting held today (the “
Meeting”), its
shareholders voted to approve its proposed business combination
(the “
Business Combination”) with African
Agriculture, Inc. (“
AFRAG”), a global food
security company operating a commercial-scale alfalfa farm on the
African continent.
Subject to customary closing conditions, the
closing of the Business Combination is expected to occur on or
about December 6, 2023. Following the consummation of the Business
Combination, on or about December 7, 2023, ordinary shares of the
new combined company African Agriculture Holdings Inc.
(“AFRAG PubCo”) are expected to begin trading on
the NASDAQ under the ticker symbols “AAGR” and “AAGRW”,
respectively.
As of the close of business on October 13, 2023,
the record date for the Meeting, there were 9,441,220 ordinary
shares of 10X II (“10X II ordinary shares”) issued
and outstanding. Approximately 82% of all of the 10X II ordinary
shares entitled to vote at the Meeting were represented in person,
virtually or by proxy at the Meeting, with more than 99% of those
voting to approve the Business Combination.
The formal results of the 10X II shareholder
vote will be included on a Form 8-K to be filed with the U.S.
Securities and Exchange Commission by 10X II.
In connection with the Business Combination,
public shareholders of 10X II received a right to redeem their
Class A ordinary shares, par value $0.0001 per share
(“Class A ordinary shares”), of 10X II for a pro
rata portion of the funds in 10X II’s trust account (the
“Trust Account”). The deadline to submit such
redemptions was 5:00 p.m. Eastern time on December 1, 2023 (the
“Redemption Deadline”), and no redemption reversal
requests will be accepted following such Redemption Deadline.
As of the Redemption Deadline, 10X II received
redemption requests for 1,857,033 Class A ordinary shares,
representing 98.7% aggregate redemptions since 10X II’s initial
public offering. 262,520 Class A ordinary shares held by public
holders remain following the Redemption Deadline.
Contacts
10X IIInvestors: IR@10xcapital.comSPAC Website:
www.10xspac.com/spacii
AFRAGInvestors: Alan Kessler,
ak@africanagriculture.comMedia: Maxine Gordon,
mg@africanagriculture.com
About 10X II10X Capital Venture Acquisition Corp. II is a
blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization,
or similar business combination with one or more businesses.
About African AgricultureAfrican Agriculture, Inc. is a
global food security company operating a commercial-scale alfalfa
farm to meet the growing demand for agricultural commodities.
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