African Agriculture, a US-based alfalfa producer operating in Senegal, filed on Thursday with the SEC to raise up to $40 million in an initial public offering.
African Agriculture began operations to produce alfalfa for cattle feed and nutrition in 2021 and currently operates solely in Senegal, though it has created a foothold and plans to expand into Niger. In December, the company planted 340 hectares of alfalfa, with harvest expected in March 2022. The company's primary businesses, intended and operational, include commercial farming, fishery logistics and management, and carbon offset production. African Agriculture has not generated revenues to date.
The New York, NY-based company was founded in 2017 and plans to list on the Nasdaq under the symbol AAGR. African Agriculture filed confidentially on December 22, 2021. Spartan Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
