10X Capital Venture Acquisition Corp. II Announces Shareholder Approval of Business Combination with African Agriculture, Inc.

Rhea-AI Summary

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) shareholders approved the proposed Business Combination with African Agriculture, Inc. The closing is expected to occur on or before December 20, 2023.

NEW YORK, NY (United States), Dec. 05, 2023 (GLOBE NEWSWIRE) -- 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 II
Investors: IR@10xcapital.com
SPAC Website: www.10xspac.com/spacii

AFRAG
Investors: Alan Kessler, ak@africanagriculture.com
Media: Maxine Gordon, mg@africanagriculture.com

About 10X II
10X 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 Agriculture
African Agriculture, Inc. is a global food security company operating a commercial-scale alfalfa farm to meet the growing demand for agricultural commodities.

FAQ

What is the latest announcement from 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA)?

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) shareholders approved the proposed Business Combination with African Agriculture, Inc.

Who is 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) merging with?

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) is merging with African Agriculture, Inc.

When is the expected closing date of the Business Combination?

The closing of the Business Combination is expected to occur on or before December 20, 2023.

What type of company is African Agriculture, Inc. (AFRAG)?

African Agriculture, Inc. (AFRAG) is a global food security company operating a commercial-scale alfalfa farm on the African continent.