Despite headwinds in the SPAC market, some small companies are abandoning their traditional public offering plans in favor of the IPO alternative. Early-stage alfalfa producer African Agriculture (AAGR) and preclinical drug developer Intrinsic Medical (INRX) are the latest IPO candidates to pursue public listings via SPAC mergers.
Originally filing in March for a $40 million IPO, African Agriculture announced on Wednesday that it would be merging with 10X Capital Venture Acquisition II (VCXA). Intrinsic Medical, which withdrew plans to raise $25 million in July, announced on Monday that it would merge with Phoenix Biotech Acquisition (PBAX).
The pair join...
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