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Warrants
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Books
THE INVESTOR'S GUIDE TO WARRANTS:
Capitalize on the Fastest Growing Sector of the
Stock Market, Second Edition (Hardcover)
by Andrew McHattie Rating: ISBN-10: 027303751X
Name -
African Gold Acquisition Corporation
Address: 100 Park Avenue, 16th Floor, New York, New York 10017
Phone Number: (212) 880-6400
Website - N/A (Liquidated)
Warrant Details
Warrant Symbol: AGAC.WS (NYSE) / AGAC.W
Warrant Ratio: 1 warrant per 1 share
Warrants Listed: 13,800,000
Cusip Number - G01227 11 0
Expiry Date - September 11, 2023
Exercise Price - $11.50
Synopsis & Listing Information
African Gold Acquisition Corp. was a blank-check company focused on identifying gold mining assets in Africa. The company was led by prominent figures in the mining industry, including Robert Hersov and Christopher Chadwick.
Corporate Scandal & Delisting: In early 2023, the company’s former CFO, Cooper Morgenthau, pleaded guilty to wire fraud involving the embezzlement of more than $5 million from African Gold and other SPACs. Following this, the company failed to file necessary SEC reports for 2022 and 2023.
Liquidation: On August 30, 2023, the company announced it would redeem its shares and shut down after the NYSE determined to delist the SPAC.
Trust Redemption: The trust account was liquidated, and public shares were redeemed by September 11, 2023, at a price of approximately $10.62 per share.
Warrant Status: In accordance with the company’s charter and the warrant agreement, the warrants were only exercisable upon the completion of a business combination. Because the company liquidated without a merger, the warrants (AGAC.WS) became worthless and were canceled with no distribution to holders.
Current Status: As of May 2026, the company is fully dissolved and the AGAC.WS ticker is inactive. (Note: A separate entity, "African Gold Limited" (ASX:A1G), was acquired by Montage Gold in April 2026, but it is unrelated to this SPAC).
Address: 100 Park Avenue, 16th Floor, New York, New York 10017
Phone Number: (212) 880-6400
Website - N/A (Liquidated)
Warrant Details
Warrant Symbol: AGAC.WS (NYSE) / AGAC.W
Warrant Ratio: 1 warrant per 1 share
Warrants Listed: 13,800,000
Cusip Number - G01227 11 0
Expiry Date - September 11, 2023
Exercise Price - $11.50
Synopsis & Listing Information
African Gold Acquisition Corp. was a blank-check company focused on identifying gold mining assets in Africa. The company was led by prominent figures in the mining industry, including Robert Hersov and Christopher Chadwick.
Corporate Scandal & Delisting: In early 2023, the company’s former CFO, Cooper Morgenthau, pleaded guilty to wire fraud involving the embezzlement of more than $5 million from African Gold and other SPACs. Following this, the company failed to file necessary SEC reports for 2022 and 2023.
Liquidation: On August 30, 2023, the company announced it would redeem its shares and shut down after the NYSE determined to delist the SPAC.
Trust Redemption: The trust account was liquidated, and public shares were redeemed by September 11, 2023, at a price of approximately $10.62 per share.
Warrant Status: In accordance with the company’s charter and the warrant agreement, the warrants were only exercisable upon the completion of a business combination. Because the company liquidated without a merger, the warrants (AGAC.WS) became worthless and were canceled with no distribution to holders.
Current Status: As of May 2026, the company is fully dissolved and the AGAC.WS ticker is inactive. (Note: A separate entity, "African Gold Limited" (ASX:A1G), was acquired by Montage Gold in April 2026, but it is unrelated to this SPAC).
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Warrant Terms
- Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.
- Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.
- Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."
- Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.
- Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.
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