African Gold Acquisition Corporation
AGAC
New York Stock Exchange10.69
USD
+0.01
- -
CIK
0001833909
CUSIP
G0112R108
Return %
Stock
S&P500
1Y
8.09
26.53
3Y
11.94
76.60
5Y
11.94
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Christopher Damon Chadwick CTA
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 322 West 52nd Street New York City NY United States of America 10019-9998
- IPO Date
- Mar 25, 2021
- CIK
- 0001833909
- Website
- africangoldcorp.com
- Similar Companies
- Business
- African Gold Acquisition Corporation (NYSE:AGAC), a blank check company incorporated in 2020 and headquartered in New York, New York, focuses on effecting a merger, amalgamation, share exchange, share purchase, asset acquisition, reorganization, or similar business combination with one or more businesses, with a particular emphasis on gold mining businesses or prospective operations in the sector; it currently conducts no significant operations beyond maintaining its trust account for potential acquisitions and holds no current products or services beyond its special purpose acquisition structure. The company raised approximately $414 million in its February 2021 initial public offering, including the full exercise of underwriters' over-allotment option, with 100% of IPO proceeds placed in trust, targeting gold mining opportunities globally but without a specific business combination target identified prior to its wind-down. In major recent developments, the company faced severe operational disruptions starting in early 2022 when its former CFO, Cooper Morgenthau, orchestrated improper withdrawals exceeding $5 million from operating accounts, concealing the theft through falsified documents, leading to negative bank balances, delayed SEC filings, and an SEC cease-and-desist order in February 2023 for inadequate internal controls; Morgenthau pleaded guilty and received a three-year prison sentence; these issues prompted NYSE delisting proceedings in August 2023 for non-compliance with listing standards due to untimely quarterly and annual reports, culminating in a decision to redeem all outstanding shares and fully liquidate by September 11, 2023, with trading suspended on September 8, 2023, marking the cessation of all operations as a blank check entity. Post-liquidation, the entity appears inactive with no ongoing business combinations, subsidiaries, or parent relationships reported, though residual trading under AGAC.F on OTC markets occurred at around $10.69 into late 2023 amid minimal volume; no geographic operations beyond its U.S. base were established prior to dissolution.