African Gold Acquisition Corporation
AGAC
New York Stock Exchange10.69
USD
+0.01
- -
African Gold Acquisition Corporation
AGAC
(New York Stock Exchange)
Recent
price
10.69
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- 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.