African Gold Acquisition Corp
AGAC · NYSE
NO ACTION REQUIRED
Nothing left to do
The cash went back to shareholders and the company wound up. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
In plain terms
- What it is
- A SPAC from African Gold Acquisition Sponsor LLC, listed on NYSE in March 2021.
- What it's doing now
- It never completed a purchase. The company wound up and the cash in the account went back to shareholders — the ordinary ending when a SPAC runs out of time. No agreed deal for it is on file with us, so we cannot say whether one was ever announced and later fell through.
- What you should know
- This SPAC has finished. The cash was paid back to shareholders and the company wound up, so there is nothing left to claim — the money went where the charter said it would.
At a glance
- Where it stands
- Liquidated
- Deal
- none — it wound up and returned the cash instead
- Industry
- no filing we hold states a sector this SPAC restricted its search to
- Deal value
- no deal to value — it wound up instead
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 1 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 322 WEST 52ND STREET, #2322, NEW YORK, NY, 10019-9998
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Matthews Zolani KGOSIETSILE (Director) · Hersov Robert B (Director) · Hinchcliffe Brian (Director)
- Listed securities
- AGAC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The trust was liquidated and paid back to holders pro rata — the floor was honoured and the SPAC has wound up, so there is nothing left to claim.
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 1 March 2021IPOpassed
IPO size not on file
The score
deterministic, from filed fieldsAGAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
African Gold Acquisition Corp (AGAC) was a blank-check company whose common shares traded on the New York Stock Exchange under the ticker AGAC. The company priced its initial public offering on March 1, 2021, per a 424B prospectus. On August 29, 2023, African Gold Acquisition Corp filed an 8-K announcing that it intended to liquidate the trust account and proceed with winding down the company, expecting to complete the redemption of all public shares on or about September 11, 2023.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The vehicle is ending: the company states it intends to liquidate the trust account and wind down, expects to redeem all public shares on or about September 11, 2023, and anticipates the last day of trading on the over-the-counter markets on or about September 8, 2023. No per-share redemption amount is stated. The board departures — three directors in two days, stated as not arising from any disagreement — came three weeks after the chief financial officer resigned on June 16, 2023.
The officer responsible for financial reporting has left a registrant that is delinquent on two Forms 10-Q and a Form 10-K, is on the NYSE 'late filer' list, and has until August 22, 2023 before the exchange begins suspension and delisting procedures. The filing names no replacement, and the standard Item 5.02 language stating a departure was not the result of a disagreement does not appear here.
The company is delinquent on three periodic reports at once, and the relief is conditional in two ways it states explicitly: failure to hit the interim milestones in its request letter could bring an ACCELERATED trading suspension before August 22, 2023, and if the delayed filings are not made by that date — described as the end of the maximum 12-month cure period — the NYSE will begin suspension and delisting procedures.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Items 3.01, 5.02 and 8.01: On August 23, 2023 the NYSE notified African Gold Acquisition Corporation that it had determined to commence proceedings to delist its units ('AGAC.U') and Class A ordinary shares ('AGAC'), and TRADING WAS SUSPENDED IMMEDIATELY, because the company could not file four Forms 10-Q and its Form 10-K for fiscal 2022 by August 22, 2023, the maximum allowed under Section 802.01E. The company does not intend to appeal. Directors Bradley Doig, Koosum Kalyan and Zolani Kgosietsile Matthews resigned effective August 1 and 2, 2023. Why it matters: The vehicle is ending: the company states it intends to liquidate the trust account and wind down, expects to redeem all public shares on or about September 11, 2023, and anticipates the last day of trading on the over-the-counter markets on or about September 8, 2023. No per-share redemption amount is stated. The board departures — three directors in two days, stated as not arising from any disagreement — came three weeks after the chief financial officer resigned on June 16, 2023.
What changed: Item 5.02(b): African Gold Acquisition Corporation reports that on June 16, 2023 Carl Pombar resigned as Chief Financial Officer, including as principal financial and accounting officer, effective immediately. The report gives no reason for the resignation, names no successor or interim appointee, and contains no other item; the body runs to roughly 3,400 characters including the signature block, which is signed by Chief Executive Officer Christopher Chadwick. Why it matters: The officer responsible for financial reporting has left a registrant that is delinquent on two Forms 10-Q and a Form 10-K, is on the NYSE 'late filer' list, and has until August 22, 2023 before the exchange begins suspension and delisting procedures. The filing names no replacement, and the standard Item 5.02 language stating a departure was not the result of a disagreement does not appear here.
Show the other 10 filings
What changed: Item 8.01: African Gold Acquisition reports that on April 20, 2023 it asked the NYSE for an extension under the late-filer rules of Section 802.01E for its overdue Forms 10-Q for the quarters ended June 30 and September 30, 2022 and its Form 10-K for the year ended December 31, 2022. On May 2, 2023 the NYSE Listings Operations Committee approved an additional trading period through August 22, 2023, subject to ongoing reassessment. The filing states the company remains on the NYSE 'late filers' list and keeps the 'LF' indicator until it is current. Why it matters: The company is delinquent on three periodic reports at once, and the relief is conditional in two ways it states explicitly: failure to hit the interim milestones in its request letter could bring an ACCELERATED trading suspension before August 22, 2023, and if the delayed filings are not made by that date — described as the end of the maximum 12-month cure period — the NYSE will begin suspension and delisting procedures.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
African Gold Acquisition Sponsor LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W · 100.0% of the $10 unit
from 424B4 0001213900-21-012579
Trading & liquidity
Company profile
Directors & officers
- Matthews Zolani KGOSIETSILEDirector
- Hersov Robert BDirector
- Hinchcliffe BrianDirector
- Rawlinson MichaelDirector
- Kalyan KoosumDirector
- Marais IzakChief Operating Officer
- Morgenthau CooperChief Financial Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
5 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- African Gold Acquisition Sponsor LLCwith 2 other reporting persons on the same schedule20.0% · SC 13GFeb 15, 2022 stale
- Polar Asset Management Partners Inc.7.2% · SC 13GFeb 9, 2023 stale
- NOMURA HOLDINGS INCwith 1 other reporting person on the same schedule5.1% · SC 13GFeb 14, 2023 stale
- Karpus Management, Inc.2.1% · SC 13G/AFeb 14, 2023 stale
- Cowen Financial Products LLCnot stated · SC 13G/AFeb 2, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
39 full SEC filing texts archived — searchable, never lost.
- Vault note — AGAC (African Gold Acquisition Corp)
vault-note · /vault/tickers/AGAC
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail2 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-21-012579 priced 2021-03-01; common ticker AGAC off 8-K 0001213900-23-071735 (2023-08-29); lifecycle EXITED. Ending PROVEN, not inferred: LIQUIDATED per 8-K 0001213900-23-071735 (2023-08-29) — announced liquidation of the trust account: “…intends to liquidate the trust account and proceed with winding down the Company. The Company expects to complete the redemption of all public shares on or about September 11, 2023. The Company anticipates that the last day of trading of the Units and the Ordinary Shares on the over-the-counter markets will be on or ab…”. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "African Gold Acquisition Sponsor LLC" (SEC CIK 0001842946) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-011834.