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African Gold Acquisition Corporation (NYSE: AGAC.U) announced the discovery of improper withdrawals from its accounts by CFO Cooper Morgenthau, leading to his termination. An internal investigation revealed that these transactions, concealed since January 2022, prompted the company to take action to recover funds. The company is currently late in filing its Form 10-Q for June 30, 2022, and risks non-compliance with NYSE listing standards. The NYSE has allowed a six-month period to regain compliance, but failure to file within this timeframe could lead to delisting.
African Gold Acquisition Corporation has successfully closed the sale of an additional 5,400,000 units in its upsized initial public offering, generating gross proceeds of $54,000,000. This event brings the total gross proceeds to $414,000,000. Each unit, priced at $10.00, consists of one Class A ordinary share and three-quarters of a redeemable warrant, with full warrants exercisable at $11.50 each. The Company focuses on potential mergers in the gold mining sector and has its units listed on the NYSE under the ticker AGAC.U.
African Gold Acquisition Corporation has successfully completed its upsized initial public offering, raising $360 million by selling 36 million units at $10.00 each, listed on the NYSE under the symbol AGAC.U. Each unit comprises one Class A ordinary share and three-quarters of a redeemable warrant, with a full warrant exercisable at $11.50 per share. The company aims to pursue a business combination primarily in the gold mining sector. The offering included an option for underwriters to purchase up to 5.4 million additional units. The registration became effective on February 25, 2021.
