African Agriculture, Inc.

General Information

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:

  • A net loss of $2,146,260 for the three months ended March 31, 2022,
  • A net loss of $4,293,335 for the year ended Dec. 31, 2021, and
  • A net loss of $2,779,804 for the year ended Dec. 31, 2020.

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. withdrew plans for its IPO in an SEC filing dated May 18, 2023. The company went public via a combination with a SPAC. African Agriculture filed its S-1 on March 31, 2022, following the company’s filing of confidential IPO paperwork with the SEC on Dec. 22, 2021.)


Industry: Agriculture Production - Crops
Employees: 80
Founded: 2017
Contact Information
Address 445 Park Avenue, Ninth Floor New York, NY 10022
Phone Number (212) 307-3154
Web Address
View Prospectus: African Agriculture, Inc.
Financial Information
Market Cap
Revenues $0 mil (last 12 months)
Net Income $-4.29 mil (last 12 months)
IPO Profile
Symbol AAGR
Exchange NASDAQ
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $40.0 mil
Manager / Joint Managers Spartan Capital
Expected To Trade:
Status: Withdrawn
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change