NEW YORK, Nov. 02, 2022 (GLOBE NEWSWIRE) —
- African Agriculture Inc. (“AAGR” or the “Company”) has entered into a merger agreement with 10X Capital Venture Acquisition Corp. II completed VCXA.
- AAGR is led by a management team and board of directors with deep roots and a track record of success on the African continent.
- AAGR manages extensive farmland in West Africa, including an alfalfa farm it currently operates on approximately 750 acres of a total of 62,000 acres of dedicated farmland in Senegal, with approximately 500,000 acres of farmland under contract in Niger.
- Alfalfa was US$21 Billion global market in 2021. Global alfalfa prices have risen by about 50% since 2021, partly due to increasing demand for protein from emerging markets, the impact of the outbreak of war in Ukraine and droughts in California and Europe.
- Alfalfa is a critical input to the dairy and livestock industry. Aiming to produce alfalfa in Africa on a larger scale and at a significantly lower cost than other global markets, AAGR’s mission is to provide farmers and consumers worldwide with food security and access to raw materials, dairy and meat.
- In addition to its main crop, alfalfa, AAGR intends to promote sustainability and generate significant carbon credits by utilizing Western farming technology and participating in the Great Green Wall project in Niger.
- Business combination based on a pre-money enterprise value for AAGR of $450 million.
- 10X II and African Farming have…
