African Agriculture, Inc.
African Agriculture, Inc. (“AA”, the “Company” or “we”), was incorporated in the State of Delaware on May 7, 2021. AA’s wholly owned subsidiary, Agro-Industries Corp., was incorporated in the Cayman Islands as an exempted company with limited liability, on Jan. 15, 2018. Our wholly owned Dakar-based subsidiary, Les Fermes de la Teranga SA (“LFT”) was organized in Senegal on March 30, 2017.
Alfalfa is the world’s largest vegetation-based protein source and the primary focus of our current operations.
Our primary businesses, intended and operational, include commercial farming, fishery logistics and management, and carbon offset production.
We began operations to produce alfalfa for cattle feed and nutrition in 2021 in Senegal, and we expect to expand to Niger. We began planting alfalfa in December 2021 across 305 hectares in Senegal. We began our initial harvest in March 2022, which resulted in approximately two tons of alfalfa per hectare and a 15% to 21% protein yield. Initial cuts are typically lower yield in an alfalfa system due to the establishment of the root systems, and therefore the result of our initial planting is in line with global averages and our expectations.
**Note: We are a development stage company with no revenue prior to the second quarter of 2022, and we have incurred net losses in these amounts for the following periods:
We had an accumulated deficit of $18,541,381 at Dec. 31, 2021. The company’s continuation as a going concern is dependent upon its ability to generate sales, and/or raise additional funds through the capital markets as well as borrowings.
(Note: African Agriculture, Inc. has not filed terms yet for its IPO, as of its latest S-1/A dated June 30, 2022; the S-1 was filed on March 31, 2022, following the company’s filing of confidential IPO paperwork with the SEC on Dec. 22, 2021.)
|Industry:||Agriculture Production - Crops|
|Address||445 Park Avenue, Ninth Floor New York, NY 10022|
|Phone Number||(212) 307-3154|
|View Prospectus:||African Agriculture, Inc.|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-4.29 mil (last 12 months)|
|Price range||$0.00 - $0.00|
|Est. $ Volume||$40.0 mil|
|Manager / Joint Managers||Spartan Capital|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|