Form 8-K - Current report
17 1월 2024 - 6:00AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 9, 2024
AFRICAN AGRICULTURE HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40722 |
|
98-1594494 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
445 Park Avenue, Ninth Floor New York, NY |
|
10022 |
(Address of principal executive offices) |
|
(Zip Code) |
(212) 745-1164
(Registrant’s telephone number, including
area code)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common stock, par value $0.0001 per share |
|
AAGR |
|
Nasdaq Global Market |
Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
AAGRW |
|
Nasdaq Global Market |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.02 Termination of a Material Definitive
Agreement.
As previously reported,
on November 29, 2023, we entered into an agreement (the “CSED”) with Vellar Opportunities Fund Master, Ltd. (“Seller”)
for a Cash-Settled Equity Derivative Transaction. (For reference the form of CSED is filed as Exhibit 10.1 to our Current Report on Form
8-K filed with the Securities and Exchange Commission on November 30, 2023.)
Pursuant to the terms of the
CSED, the Seller received shares of common stock of our subsidiary African Agriculture, Inc. (“AFRAG”) from a former holder
of AFRAG common stock. Upon the occurrence of the Business Combination pursuant to which AFRAG became a wholly owned subsidiary, shares
of common stock of AFRAG that were held by the Seller converted into 11,500,000 shares of our common stock in the aggregate. Subject to
certain conditions contained in the CSED, the Seller was to provide up to $11,500,000 (the “Additional Funds”) in funds in
the aggregate to us in five tranches: (i) the first tranche of $5,750,000 which was funded in accordance with the terms of the CSED, (ii)
the second tranche of $1,437,500 which was to be funded 30 days after the first tranche, (iii) the third tranche of $1,437,500 which was
to be funded 30 days after the second tranche, (iv) the fourth tranche of $1,437,500 which was to be funded 30 days after the third tranche,
and (v) the fifth tranche of $1,437,500 which was to be funded 30 days after the fourth tranche.
On January 9, 2024 the Seller
notified us that they were terminating the CSED in accordance with its terms and accordingly would not be advancing any Additional Funds.
In accordance with the terms of the CSED, it is not expected that we will have any additional obligations to the Sellers nor do we expect
to receive any additional payments or other compensation in the future from the Sellers, although it is possible that based on the performance
of our stock price over the Valuation Period as defined in the CSED Seller may in fact be required to make a payment to us under the CSED.
Item 9.01 Financial
Statement and Exhibits.
(d)
Exhibits
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Forward-Looking
Statements
This
Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws, which involve substantial
risks and uncertainties. You should not rely upon forward-looking statements as predictions of future events, the outcome of which are
subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to
differ materially from those described in the forward-looking statements, including those more fully described in our most recent filings
with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date such
statements are made and we undertake no obligation to update any forward-looking statements, except as required by law.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
AFRICAN AGRICULTURE HOLDINGS INC. |
|
|
|
Dated: January 16, 2024 |
By: |
/s/ Harry Green |
|
|
Name: |
Harry Green |
|
|
Title: |
Chief Financial Officer |
3
v3.23.4
Cover
|
Jan. 09, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 09, 2024
|
Entity File Number |
001-40722
|
Entity Registrant Name |
AFRICAN AGRICULTURE HOLDINGS INC.
|
Entity Central Index Key |
0001848898
|
Entity Tax Identification Number |
98-1594494
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
445 Park Avenue
|
Entity Address, Address Line Two |
Ninth Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
212
|
Local Phone Number |
745-1164
|
Written Communications |
false
|
Soliciting Material |
false
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Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common stock, par value $0.0001 per share
|
Trading Symbol |
AAGR
|
Security Exchange Name |
NASDAQ
|
Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share
|
Trading Symbol |
AAGRW
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Security Exchange Name |
NASDAQ
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