African Agriculture, a US-based alfalfa grower setting up operations in Senegal, withdrew its plans for an initial public offering on Thursday. It originally filed in March 2022 with a proposed deal size of $40 million. In November 2022, African Agriculture agreed to go public via SPAC 10X Capital Venture Acquisition II (VCXA).
African Agriculture began operations to produce alfalfa for cattle feed and nutrition in 2021 and currently operates solely in Senegal, though it has created a foothold and plans to expand into Niger. In December, the company planted 340 hectares of alfalfa, with harvest expected in March 2022. The company's primary businesses, intended and operational, include commercial farming, fishery logistics and management, and carbon offset production. At last update, African Agriculture had not generated revenues to date.
The New York, NY-based company was founded in 2017 and had planned to list on the Nasdaq under the symbol AAGR. Spartan Capital Securities was set to be the sole bookrunner on the deal.
