# EDGAR Filing Document

**Accession Number:** 0001848898
**File Stem:** 0000000000-23-001630
**Filing Date:** 2023-2
**Character Count:** 89240
**Document Hash:** eb22bd5a6391b587a656bb41d93aed1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001630.hdr.sgml**: 20231207

**ACCESSION NUMBER**: 0000000000-23-001630

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** African Agriculture Holdings Inc.
- **CENTRAL INDEX KEY:** 0001848898
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** NINTH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 745-1164

**MAIL ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** NINTH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 10X Capital Venture Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20210302
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-23-004170

## Text-Extract

```

United States securities and exchange commission logo

                         February 16, 2023

       Hans Thomas
       Chief Executive Officer
       10X Capital Venture Acquisition Corp. II
       1 World Trade Center, 85th Floor
       New York, NY 10007

                                                        Re: 10X Capital Venture
Acquisition Corp. II
                                                            Registration
Statement on Form S-4
                                                            Filed January 20,
2023
                                                            File No. 333-269342

       Dear Hans Thomas:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form S-4 filed January 20, 2023

       Cover Page

   1.                                                   We note your risk
factor disclosure on page 63 that Global Commodities & Investments
                                                        Ltd. currently controls
approximately 84.16% of the voting power of AFRAG   s capital
                                                        stock and will control
approximately 56.95% of the combined voting power of AFRAG
                                                        PubCo Common Stock
following the consummation of the Business Combination. Please
                                                        disclose on your cover
page that following the business combination you will be a
                                                        "controlled company"
within the meaning of NASDAQ rules and the controlling
                                                        shareholders'
anticipated total voting power.
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 2 16, 2023 Page 2
FirstName LastName
Questions and Answers for Shareholders of 10X II, page ix

2.       Given that the Nasdaq listing condition is waivable, please revise
your questions and
         answers section, consistent with your risk factor disclosure on page
66, to prominently
         disclose that shareholders will not have certainty at the time that
they vote regarding
         whether the AFRAG PubCo Common Stock and warrants will be listed on a
national
         securities exchange following the business combination.
Q. Did the 10X II Board obtain a third-party valuation or fairness opinion in
determining
whether or not to proceed with..., page xii

3.       We note your disclosure that Canaccord Genuity's Opinion to the 10X II
Board stated in
         part that the Business Combination is fair, from a financial point of
view, to 10X II. Please
         include cautionary language noting, if true, that the fairness opinion
addresses the fairness
         to all shareholders of 10X II as a group as opposed to only those
shareholders of 10X
         II unaffiliated with the sponsor or its affiliates.
Q. What equity stake will current 10X II shareholders and current equity
holders of AFRAG hold
in AFRAG PubCo immediately..., page xiii

4.       We note your disclosure here notes that the table below on page xiii
assumes "that all the
         AFRAG PubCo warrants to purchase AFRAG PubCo Common Stock that will be
         outstanding immediately following Closing have been exercised for
cash." However, we
         note that your table does not appear to include all of the AFRAG PubC
warrants. For
         example only, your table depicts that Cantor will hold 200,000 shares
while your
         disclosure elsewhere appears to indicate that Cantor owns 200,000
private placement units
         and that each private placement unit consists of one private placement
share and one-
         third of one private placement warrant. Please revise to disclose all
possible sources and
         extent of dilution that shareholders who elect not to redeem their
shares may experience in
         connection with the business combination. Provide disclosure of the
impact of each
         significant source of dilution, including the amount of equity held by
founders,
         convertible securities, including warrants retained by redeeming
shareholders, at each of
         the redemption levels detailed in your sensitivity analysis, including
any needed
         assumptions.
5.       Quantify the value of warrants, based on recent trading prices, that
may be retained by
         redeeming stockholders assuming maximum redemptions and identify any
material
         resulting risks.
Q. What are the U.S. federal income tax consequences of the Domestication?,
page xviii

6.       We note that the Domestication is intended to qualify as an F
Reorganization. Please
         provide a tax opinion covering the material federal tax consequences
of the transaction to
         investors and revise your disclosure accordingly. Please refer to Item
601(b)(8) of
         Regulation S-K and Items 4(a)(6) and 21(a) of Form S-4. For guidance
in preparing
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 3 16, 2023 Page 3
FirstName LastName
         the opinion and related disclosure, please refer to Section III of
Staff Legal Bulletin No.
         19.
Forward Purchase Agreement, page 9

7.       We note that 10X II has entered into a forward purchase agreement with
Vellar for
         Vellar to purchase 10X II   s Class A ordinary shares on the open
market to reduce
         redemption rates. Please provide your analysis demonstrating how this
agreement
         complies with Rule 14e-5.
8.       We note your disclosure on page 62 that "200,000 shares are issued to
Vellar as the share
         consideration under the Forward Purchase Agreement." However, on page
165 you
         disclose that "Vellar is to receive a $2.0 million fee payable in
shares. To realize this,
         Vellar will purchase the shares in the open market." Furthermore, it
appears that your
         Forward Purchase Agreement filed as Exhibit 10.4 defines Share
Consideration as "an
         amount equal to the product of (x) such number that is the greater of
(a) 5% of the
         Maximum Number of Shares and (b) 200,000 (provided that if
Counterparty has requested
         and the Seller has paid the Prepayment Shortfall such number will be
increased to the
         greater of (a) 10% of the Maximum Number of Shares and (b) 400,000)
and (y) the Initial
         Price." Please correct for this apparent inconsistency or otherwise
advise. In addition,
         please amend your disclosure here and in the "Questions and Answers"
section to discuss
         all the material terms of the Forward Purchase Agreement, including
any fees or other
         consideration payable to Vellar. Your disclosure should prominently
highlight the material
         terms of the agreement as well as highlight the risks consistent with
your risk factor
         disclosure on pages 47 and 48.
Interests of 10X II's Directors and Executive Officers in the Business
Combination, page 13

9.       Please disclose the out-of-pocket expenses for which the Sponsor and
its affiliates are
         awaiting reimbursement. We note your statements that "[y]our Sponsor,
executive officers
         and directors, or any of their respective affiliates are reimbursed
for any out-of-pocket
         expenses incurred in connection with activities on [y]our behalf such
as identifying
         potential target businesses and performing due diligence on suitable
business
         combinations" and that "[a]fter the completion of the Business
Combination, directors or
         members of [y]our management team who remain with [you] may be paid
consulting or
         management fees from AFRAG PubCo." We also note the $20,000 monthly
payments
         owed to the Sponsor pursuant to the administrative support agreement.
Please also include
         those expenses in the quantified, aggregate dollar amount that the
sponsor and its affiliates
         have at risk if the business combination is not completed or advise.
Sources & Uses of Funds for the Business Combination, page 17

10.      Please explain how the cash transferred to "Forward Purchase Agreement
Escrow" is
         reflected in your pro forma balance sheet on page 159. Explain the
offset to the related
         cash pro forma adjustments. Specifically clarify how the Escrow is
reflected on your pro
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 4 16, 2023 Page 4
FirstName LastName
         forma balance sheet. In addition, see our comments below on negative
cash and address
         the appropriateness of your presentation herein under the maximum
redemption scenario.
Risk Factors - AFRAG, page 30

11.      Please provide a risk factor that addresses the error identified in
AFRAG   s historical
         restated financial statements. Discuss the future obligations to
provide an assessment of
         AFRAG   s disclosure controls and procedures and internal control over
financial reporting
         pursuant to Items 307 and 308 of Regulation S-X. Ensure you discuss
the fact that
         AFRAG   s disclosure controls and procedures and internal control over
financial reporting
         may not be effective, and the implication of this assessment.
Background to the Business Combination, page 103

12.      Please revise the Background section so that it is clear where each
party stood with respect
         to material transaction terms during the course of the negotiations.
For instance, when
         discussing meetings between the parties or their advisers, identify
the party that proposed
         a material transaction term and indicate whether the other party
agreed and/or proffered a
         counter proposal. The disclosure should provide shareholders with an
understanding of
         how, when, and why the material terms of your proposed transaction
evolved.
13.      When you refer to representatives of AFRAG or 10X II or the 10X II
Board, identify any
         executive officers or Board members that were present or are
referenced, or confirm that
         you mean all members of the board or executive officers, as
applicable. In addition, please
         revise to clearly identify each of the other parties who you describe
in this section. For
         example only, we note references to "advisors" and "representatives"
throughout this
         section. Please provide clear descriptions of each parties' roles, and
describe how each
         party utilized the assistance of the advisors or representatives in
their evaluation of the
         transaction on the whole or any of its constituent parts.
14.      We note that 10X II had executed a business combination agreement
after evaluating and
         selecting PrimeBlock from over twenty potential targets, and that the
agreement was later
         terminated by mutual agreement. Please expand your disclosure
regarding the other
         potential target companies, including:
             Whether you engaged in any discussions with the other potential
target companies;
             The extent of due diligence or substantive negotiations with the
other potential
             targets; and
             The size and material attributes of the potential targets.
         Your disclosure in this section should provide shareholders with an
understanding of why
         other target companies were not ultimately chosen as business
combination partners.
15.      Please include a more detailed discussion of your proposed business
combination with
         PrimeBlock, including when discussions to enter a business combination
were initiated,
         the material terms negotiated by 10X II and PrimeBlock, the
circumstances surrounding
         the termination of the business combination agreement, the Boards
reasons for
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 5 16, 2023 Page 5
FirstName LastName

         terminating the agreement, and whether 10X II was subject to any fees
or penalties as a
         result of the termination.
16.      We note your disclosure that 10X II prepared a presentation with a
proposal for
         consideration by AFRAG   s board of directors, detailing the proposed
terms of a business
         combination between the parties, which contemplated a valuation of
$450 million in total
         consideration (with part of such consideration subject to an earnout).
In addition we note
         that before executing the LOI, employees of 10X II and Alan Kessler of
AFRAG
         exchanged emails and phone calls regarding deal terms, including the
valuation
         methodology. Please update your disclosure to describe how the parties
arrived at the
         agreed upon valuation and disclose any material negotiations or
discussions surrounding
         the determination to not have an earnout.
17.      We note that "[p]rior to the termination of 10X II   s business
combination agreement with
         PrimeBlock, representatives of 10X Capital had various discussions
with AFRAG in 10X
         Capital   s capacity as an institutional investor." Please expand your
timeline to
         substantially elaborate on these discussions, including whether or not
valuation in
         AFRAG's planned IPO or alternative financings were discussed.
18.      We note that the Company participated in various discussions and
negotiations that
         resulted in the Standby Equity Purchase Agreements with Yorkville and
Cohen
         & Company. Please disclose whether the investors have a relationship
to the SPAC, the
         Sponsor, or their affiliates. Please also disclose the material terms
that were negotiated
         during these discussions and how they were ultimately determined.
19.      We note that 10X II and AFRAG engaged in several discussions regarding
a valuation
         methodology based on projected revenue, AFRAG's financial model and
the assumptions
         supporting the model. Please provide a more detailed description of
these terms and the
         discussions, including when 10X II and 10X Capital received the
projections from
         AFRAG, the positions taken by each party and negotiations related to
these terms, and
         whether the projections or the valuations they supported were
presented to Yorkville and
         Cohen & Company in connection with their financing agreements.
20.      Please revise the Background section to clarify the due diligence that
10X II conducted. In
         this regard, we note numerous general references to "due diligence"
and "extensive
         research" but it is unclear (i) what aspects of AFRAG's business
and/or issues were the
         most significant from 10X II's perspective and (ii) what 10X II's
research findings
         revealed.
Negotiations with AFRAG, page 104

21.      We note your disclosure that AFRAG and 10X II    discussed in detail
the financial model
         and assumptions supporting it as part of 10X II   s financial due
diligence of AFRAG.
         Please clarify whether the    financial model    used in 10X II   s
financial due diligence was
         provided to the 10X II Board. In addition, please clarify whether
these were the same set
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 6 16, 2023 Page 6
FirstName LastName
         of financial projections provided to Cancaccord Genuity. To the extent
the projections
         were provided to the 10X II Board and that these were different sets
of projections, please
         include such analyses in your filing and explain the material
differences with the financial
         projections currently provided in your registration statement.
Opinion of Financial Advisor to 10X II, page 109

22.      We note that Cancaccord Genuity reviewed the historical income
statement of AFRAG
         for the year ended December 31, 2021. We further note that AFRAG
restated its financial
         statements for the fiscal year ended December 31, 2021. Please clarify
whether or not
         Cancaccord Genuity reviewed the restated financials or otherwise
advise.
The 10X II Board's Reasons for the Business Combination, page 109

23.      We note your disclosure on page 181 of the fiduciary and contractual
obligations that
         some of your officers and directors owe to other entities. With a view
towards disclosure,
         please tell us how the board considered those conflicts in negotiating
and recommending
         the business combination.
24.      We note that the 10X II Board considered several potentially negative
factors related to
         AFRAG, including "status as an early stage company without significant
revenues, the
         competitive landscape, nonperformance by contract counterparties,
including AFRAG   s
         counterparties under its water and land use arrangements, the
evolutionary nature of
         AFRAG   s business model, and the execution risk that could create
difficulties for AFRAG
         in effectively managing its initial buildout phase and, subsequently,
managing its growth
         and expanding its operations." Please specifically address each of
these risks and
         uncertainties and how the Board considered them when evaluating
whether to approve the
         Business Combination.
Summary of Financial Analyses, page 112

25.      We note the financial analyses summarized regarding public trading
multiples and
         transaction multiples. Please clarify the criteria the advisor used to
select comparable
         companies or transactions. Please disclose if the advisor excluded any
companies or
         transactions that met the selection criteria from the analyses and, if
applicable, why those
         companies or transactions were excluded.
Certain AFRAG Projected Financial Information, page 116

26.      We note that AFRAG only recognized $330,000 in revenues for the nine
months ended
         September 30, 2022 but the projections provided to the 10X II Board
projected $2.1
         million in revenue for 2022. Please explain whether or not the
projections still reflect
         management   s views on future performance and, if available, disclose
whether or not the
         $2.1 million in revenue for 2022 is still achievable or otherwise
advise. Refer generally to
         Item 10(b)(3)(iii) of Regulation S-K. In addition, if applicable,
specifically address how a
            miss    on year one of projections impacted the Board and
Management   s consideration of
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 7 16, 2023 Page 7
FirstName LastName
         whether or not the 2023 and beyond projected revenues are reasonable.
27.      We note your bulleted disclosure on the bottom of page 117 and the top
of page 118
         discussing the various assumptions that AFRAG   s management believed
to be material
         when providing its forecasted financial information. Please revise to
further quantify each
         material assumption that formed the basis for your projections. Your
disclosure of these
         assumptions should provide investors will material information
necessary to demonstrate
         how AFRAG   s management ultimately arrived at the revenue, expenses,
depreciation and
         amortization, EBITDA and unlevered free cash flow. For example only:
             With reference to the fact that AFRAG   s operations are currently
limited to their pilot
             program, disclose whether the Board and Management considered
these projections
             reasonable. Address how the Board and Management considered the
risks set forth in
             the first risk factor on page 31;
             We note your disclosure elsewhere regarding the yield on your
alfalfa crop in your
             pilot study and your disclosure on page 225 that    [y]our initial
expectations are that
             [you] will yield approximately 25 tons of alfalfa per hectare per
year.    Please
             disclose the material assumptions or estimates you made regarding
your crop yield
             and tons of alfalfa produced for each of the years presented in
your projections or
             otherwise advise;
             Disclose whether the projected revenues include revenues from your
Fishery
             Business, Carbon Credit Business or other aspirational business,
such as the Biofuels
             Market. If so, please discuss these revenues and plans separately
from your farming
             operations, including any underlying assumptions, barriers to
entry, capital
             requirements, and any risks or uncertainties related to these
business arms;
             We note you currently operate the LFT farm in northern Senegal.
Please clarify the
             specific    other countries    your projections assume you are
able to enter into as well
             as your estimated timing for entering each market. If applicable,
identify the market
             and geographical regions for the revenue projections and the
specific market growth
             rates and projected market rate penetrations to help provide
additional insight into the
             range in these rates underlying the revenue projections. Explain
how the market rate
             growth and market rate penetrations were determined. To the extent
known, disclose
             and discuss projected revenues underlying AFRAG   s current
growing footprint
             separate from their projections under the extension of the alfalfa
growing footprint
             beyond Senegal into other countries;
             Disclose material assumptions related to how AFRAG intends to
execute its plans to
             expand its growing footprint, including any regulatory barriers to
acquisitions and
             land development. Address the fact that the projections were
prepared and the
             fairness opinion was provided before the Extension meeting on
November 9, 2022,
             after which material redemptions were made. With reference to
these redemptions
             and the pro forma scenarios that assume additional redemptions,
address the
             constraints on AFRAG   s liquidity and ability to finance future
growth;
             Disclose how you calculated unlevered free cash flows and identify
the material
             assumptions underlying this measure;
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 8 16, 2023 Page 8
FirstName LastName
                Please address the reasonableness of providing projections for
a six year period given
              the limited operations of AFRAG; and
                Please provide the assumptions underlying your operating costs.
We note you simply
              identify the types of costs underlying this estimate.
Unaudited Pro Forma Condensed Combined Financial Information, page 156

28.      Please move your sections, "General Description of the Business
Combination
         Agreement", "Merger Consideration", "Non-Redemption Agreement", "The
Standby
         Equity Purchase Agreement" and "The Forward Purchase Agreement" from
Note 1 --
         Basis of Presentation on pages 163 and 164 to the headnote to the pro
forma financial
         statements. In this regard, we note these agreements are integral to
your pro forma
         financial statement presentation.
29.      Please expand your disclosures to include a clear and concise
understanding of the
         obligations of each entity under the Forward Purchase Agreement and
Standby Equity
         Purchase Agreement. Address 10X II's potential financing costs
associated with each
         agreement. Ensure you also disclose why the Company needed to enter
both of these
         agreements and any interplay between the two agreements.
30.      We note that conditions to the Business Combination include: (i) 10X
II must have at least
         $5,000,001 of net tangible assets upon Closing and (ii) aggregate cash
and cash
         commitments (including commitments under the Standby Equity Purchase
Agreement) of
         at least $10.0 million. Please expand your presentation and
disclosures to explain how
         you intend to address these required conditions. Explain how you meet
the minimum cash
         condition for Scenarios 2 and 3 given that your pro forma balance
sheet under these
         scenarios reflects $1,174,539 and $0 cash, respectively. Address
whether you need to
         reflect the issuance of shares and proceeds received under the Standby
Equity Agreement
         or simply have access to this potential source of funding. Also,
disclose the net tangible
         assets under each scenario, with disclosure of how you calculated such
amounts.
31.      Please address the need to reflect the pro forma impact associated
with the Non-
         Redemption Agreement. In this regard, address the need to recognize an
expense for the
         fair value of the 794,088 Class B ordinary shares the Sponsor agreed
to transfer to each
         Anchor Investor. Refer to SAB Topic 5T.
32.      We note that in your tabular presentation at the top of page 158 your
Maximum
         Redemption Column assumes 4,000,000 public shares are redeemed
(representing 86.2%
         of the issued and outstanding public shares, after giving effect to
the Extension
         Redemption). Please explain herein as well as the headnote to the pro
formas why you do
         not reflect a scenario which represents 100% redemption of the
outstanding public shares.
33.      We note your presentation of potential sources of dilution below the
ownership table and
         the related footnotes (4) and (5). In light of fact that the current
trading price of 10X II
         common stock is below the exercise price of the warrants, please
address the
         appropriateness of your footnote disclosure which assumes the exercise
of the public and
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 9 16, 2023 Page 9
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         private warrants and resulting inflow of cash. Please consider simply
disclosing and
         discussing these warrants in the context of your pro forma earnings
per share.
34.      With reference to Note (6) to your tabular presentation on page 158,
please disclose (i)
          the dated the RSU awards were issued, (ii) quantity the number of RSU
awarded,and
         (iii) disclose the fair value of these issuances. Please include the
compensation expense
         related to these RSU awards in your pro forma statements of
operations. Refer to Rule
         Rule 11-02(a)(6)(i)(B) of Regulation S-X.
Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2022,
page 159

35.      For clarity, please use parentheses for all adjustments that reduce
your liabilities and
         stockholders equity line items.
36.      We note that you have included Adjustment 1, which reflects the 74.35%
redemption of
         the public shares by shareholders of 10X II following the Extension
Meeting, with the
         other adjustments associated with Scenarios 1, 2 and 3. We have the
following comments
         regarding this presentation:
             Disclose the Extension Meeting and its impact on 10X II   s
balance sheet in the
              headnote to the pro forma financial statements and clarify the
basis for the 74.35%
              redemption assumption;
             In order to allow shareholders to more clearly evaluate the
financial condition of 10X
              II prior to the Business Combination and other transactions
reflected under each
              scenario, please present a separate column to reflect Adjustment
(1) and provide a
              subtotal for 10X II prior to adjustments related to the
additional scenarios;
             Disclose the per share redemption price in Adjustment (1) on page
166; and
             Revise the scenario headings to read Assuming No Additional
Redemptions into
              Cash, Assuming 50% Additional Redemptions into Cash and Assuming
Maximum
              Additional Redemptions into Cash. Ensure you revise these
columnar headings
              throughout your filing.
Warrants, page 163

37.      Please explain why you are disclosing and discussing the public and
private
         warrants herein. These are outstanding equity securities of 10X II as
of September 30,
         2022 and based on the assumptions in the pro forma financial
statements, are outstanding
         in the pro forma balance sheet presented on page 159. It does not
appear appropriate to
         discuss any potential proceeds from the exercise of these warrants in
the context of the pro
         forma financial information. Please revise to remove or advise.
The Non-Redemption Agreement, page 164

38.      We note that you have entered into an agreement in which certain
anchor investors (the
         "Anchor Investors") will not redeem its securities in exchange for a
certain amount of the
         Sponsor's Class B ordinary shares following the closing of the
business combination. In
         particular, we note your disclosure indicates that the agreement
allows for the purchase of
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 10 16, 2023 Page 10
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         additional 10X II securities by the Anchor Investors outside the
redemption offer in
         exchange for consideration paid by the Sponsor. Please provide us with
your analysis as to
         how this agreement complies with Rule 14e-5.
Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet
Note 4, page 166

39.      Please expand your disclosures to identify the nature of the
transaction costs incurred and
         the related entity reporting these costs. Separately identify and
quantify those costs that
         are specific incremental costs to the transaction and explain why
those costs are reflected
         as an offset to equity rather than within the pro forma statement of
operations. In this
         regard, we note only AFRAG's specific incremental costs that result
from the transaction
         may be reflected in equity. Other costs incurred by AFRAG and all
transaction costs
         incurred by 10X II, as the accounting acquiree, must be reflected in
your pro forma
         statement of operations. Also, address whether under any of the
scenarios presented, the
         cash remaining from the trust fund is less than AFRAG's incremental
transaction costs. If
         so, please address the need to expense the costs in excess of the
remaining trust cash.
Note 3, page 166

40.      With reference to the material terms of the Forward Purchase
Agreement, please address
         the following:
             Expand your columnar presentations for each redemption scenario in
which the
              Forward Purchase Agreement is utilized to give effect to the full
range of possible
              results. For example, a range of results would include whether or
not Vellar
              purchases 10X II shares in the open market. Another possible
range of results would
              be whether or not Vellar sells the acquired shares prior to close
and/or prior to
              maturity. Refer to Article 11-02(a)(10) of Regulation S-K for
guidance; and
             For the scenarios presented in which Vellar does not sell the
shares prior to closing
              and/or prior to maturity, explain why you have not also
recognized a liability for the
              repurchase of the shares at the redemption price in addition to
the $2.50 per share
              required for those shares not sold prior to maturity. In this
regard, we note your
              disclosure elsewhere that immediately following the Closing, if
any shares are
              purchased pursuant to the Forward Purchase Agreement, 10X II will
need to prepay
              Vellar an amount equal to the number of shares to be purchased by
Vellar times the
              redemption price, and, as a result, 10X II   s cash reserves
would be reduced
              significantly. In plain English, address how you determine the
redemption amount
              given the stated terms that "10X II will pay to Seller, out of
funds held in its account,
              an amount (the    Prepayment Amount   ) equal to (x) the
pre-share redemption price
              (the    Initial Price   ) multiplied by (y) the number of
Recycled Shares on the date of
              such prepayment. At the option of 10X II, up to 10% of such
Prepayment Amount
              may be paid to 10X II and netted from the Prepayment Amount (the
  Prepayment
              Shortfall   )."
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 11 16, 2023 Page 11
FirstName LastName
Note 5 , page 166

41.      For your maximum redemption scenario, please explain your basis for
recording the
         $6,464,054 adjustment to additional paid-in capital.
Note 7, page 166

42.      Please revise to present the $13.7 million award for services to
Global Commodities
         & Investment Ltd. as an adjustment to your Pro Forma Combined
Statement of Operations
         for the year ended December 31, 2021. Refer to Rule 11-02(6)(i)(B) of
Regulation S-X.
Note 14, page 167

43.      Please explain your basis for reclassifying $15 million of "negative
cash" to accounts
         payable. Specifically address the need to have financing in place in
order to cover the
         negative cash and ensure you have $10 million cash and cash
commitments to meet the
         minimum cash condition set forth in the AA Merger Agreement. If you do
not have
         financing in place, explain how you concluded that the maximum
redemption scenario is a
         possible outcome.
Adjustments to the Unaudited Pro Forma Condensed Combined Statement of
Operations , page
168

44.      With regard to adjustments (cc), (dd) and (ee), please provide a
tabular presentation for
         each of the issuances and redemptions referenced to arrive at the pro
forma weighted
         average shares outstanding. For instance, explain how you determined
the 180.7 million
         post-split shares of AFRAG and clarify whether those shares were
exchanged for the
         45,000,000 AFRAG PubCo Common Stock referenced in the Merger
Transaction.
         Similarly, explain the exchanges related to the various other
issuances disclosed in these
         adjustments.
45.      Disclose in tabular form the nature and number of securities that that
could potentially
         dilute basic EPS in the future but that were not included in the
computation of pro forma
         diluted earnings per share for the periods presented because they were
anti-dilutive.
          Ensure you include the shares that could be issued under the
warrants, SEPA, and 2023
         Plan. Refer to ASC 260-10-50-1(c).
The Forward Purchase Agreement, page 188

46.      We note your reference to a "Maturity Date (as defined in the Forward
Purchase
         Agreement)" which may be "may be accelerated upon occurrences
described in the
         Forward Purchase Agreement." Please update your disclosure to clarify
when you may be
         required to pay Vellar pursuant to this agreement.
47.      We note your Forward Purchase Agreement with Vellar (the "Forward
Purchase
         Agreement) filed as Exhibit 10.4 includes material terms that do not
appear to be
         disclosed in your registration statement when you describe the Forward
Purchase
 Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 12
         Agreement. For example only, we note the following:
             Dilutive Offering Reset provision;
             Penalty Share provision, whereby Vellar may receive such number of
Shares equal to
             225% of the Maturity Shares (the "Penalty Shares") if certain
conditions are to occur;
             Vellar may be reimbursed for legal fees in an amount not to exceed
$0.05 per share;
             Break-up Fee provision, whereby Vellar may receive a $500,000
break-up fee; and
             Vellar may from time to time and on any date following the
Business
             Combination, terminate the Transaction;
         Please update your disclosure to describe these material terms or
otherwise advise.
Information about AFRAG
Company Overview, page 193

48.      Please revise the description of your business throughout your
registration statement so
         that the nature and extent of your current operations are clear and
are distinguished from
         your proposed or aspirational business plans. For example only, revise
your disclosure
         upfront to clearly state the current status of your alfalfa farming
operations.
49.      Please balance your overview by including disclosure regarding your
limited operating
         history, history of losses, and the auditor's explanatory paragraph
regarding your ability to
         continue as a going concern.
50.      We note your disclosure that "[w]ithin thirty (30) days of the
execution of the Merger
         Agreement, AFRAG will deliver to 10X II the duly executed Offtake
Agreement." Given
         that the Merger Agreement was executed on November 2, 2022 please
updated your
         disclosure to discuss whether or not the Offtake Agreement was
executed or otherwise
         advise. In addition, to the extent such agreement was executed please
disclose the material
         terms of the agreement and file the agreement as an exhibit pursuant
to Item 601(b)(10) of
         Regulation S-K or tell us why you do not believe you are required to
file it.
Relative Logistics, page 201

51.      We note your disclosure that you believe that the 25 year Power
Purchase Agreement will
         be executed "prior to the commissioning of the project." To the extent
that you are able,
         please provide a timing update for the execution of the 25 year Power
Purchase
         Agreement or otherwise advise.
Significant scale of Existing Farm, page 217

52.    We note your disclosure here that you have "Significant scale of
Existing Farm" and "[b]y
       virtue of the large-scale nature of [AFRAG's] operations, AFRAG believes
its cost
       structure to be cost advantageous as opposed to smaller scale
operators." Please revise to
FirstName LastNameHans Thomas
       disclose the basis for these statements or remove these statements. We
note your
Comapany    Name10X
       disclosure       Capitalincluding
                   elsewhere,   Venture Acquisition
                                         on page 219,Corp. II to indicate that
your current farm
                                                      appears
       operations
February  16, 2023are  limited
                    Page  12 to a "305-hectare pilot."
FirstName LastName
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 13 16, 2023 Page 13
FirstName LastName
AFRAG Liquidity and Capital Resources, page 234

53.      We note that you believe the capital raised in connection with the
Business Combination
         with 10X II, together with funds from operations will enable the
expansion of planting and
         harvesting of up to 10,000 hectares with an anticipated turn of the
crop 10 times annually.
          With reference to the three scenarios presented in your pro forma
balance sheet and the
         resulting pro forma cash balances, please expand this disclosure to
explain how you will
         reasonably be able support this expansion and address the potential
impact of not being
         able to develop your farm as quickly as your business plan
anticipates. Ensure you
         address that you have yet to generate cash flows from operations.
AFRAG Executive Officer and Director Compensation, page 246

54.      Please update your executive compensation disclosure as of the fiscal
year ended
         December 31, 2022.
Certain Relationships and Related Person Transactions - AFRAG, page 254

55.      We note your disclosure on page 166 that there was a $13.7 million
award for services to
         Global Commodities & Investment Ltd. Please update your disclosure to
discuss the
         material terms of the service award or otherwise advise.
African Agriculture Unaudited Consolidated Financial Statements as of September
30, 2022
Note 13 - Subsequent Events, page F-57

56.      You disclose that in advance of the Company entering into the Business
Combination
         Agreement, the Company effected a 3,614.8601-for-1 stock split. Please
disclose the date
         the split was effected and revise your financial statements to
retroactively present the
         stock split consistent with the guidance in ASC 260-10-55-12 and ASC
505-10-S99-
         4 (SAB Topic 4C) and have your auditors dual date their report for the
impact of the stock
         split. If the stock split has not yet been effected, please clarify.
57.      Please disclose the dates of the corporate actions taken and the
following:
             The number of shares issued to the majority shareholder in
consideration for services
             provided to the Company, the nature of the services provided,
(iii) the deemed fair
             value per share and (iv) total expense recognized;
             The terms of the 2,777,076 restricted stock units granted to
numerous individuals, (ii)
             the basis for issuing those units, (iii) the deemed fair value per
unit and (iv) total
             expense recognized; and
             The terms of the 2,700,000 restricted stock units granted to
African Discovery Group,
             (ii) the basis for issuing those units, (iii) the deemed fair
value per unit and (iv) total
             expense recognized; and
             If the dates of these transactions are after December 31, 2022,
please address the need
             to disclose the impact of these transactions in your pro forma
statement of
             operations presented elsewhere in the filing.
 Hans Thomas
FirstName
10X CapitalLastNameHans  Thomas
            Venture Acquisition Corp. II
Comapany16,
February   Name10X
             2023   Capital Venture Acquisition Corp. II
February
Page 14 16, 2023 Page 14
FirstName LastName

         In light of the Business Combination with 10X II and the assumed $450M
valuation of
         AFRAG, if the deemed fair value of the above referenced shares and
stock units is not
         equivalent to the $10 per share fair value of New AFRAG shares, please
provide support
         for you determination.
General

58.      With a view toward disclosure, please tell us whether your sponsor is,
is controlled by, has
         any members who are, or has substantial ties with, a non-U.S. person.
Please also tell us
         whether anyone or any entity associated with or otherwise involved in
the transaction, is,
         is controlled by, or has substantial ties with a non-U.S. person. If
so, please revise your
         filing to include risk factor disclosure that addresses how this fact
could impact your
         ability to complete your initial business combination. For instance,
discuss the risk to
         investors that you may not be able to complete an initial business
combination with a
         target company should the transaction be subject to review by a U.S.
government entity,
         such as the Committee on Foreign Investment in the United States
(CFIUS), or ultimately
         prohibited. Further, disclose that the time necessary for government
review of the
         transaction or a decision to prohibit the transaction could prevent
you from completing an
         initial business combination and require you to liquidate. Disclose
the consequences of
         liquidation to investors, such as the losses of the investment
opportunity in a target
         company, any price appreciation in the combined company, and the
warrants, which
         would expire worthless.
59.      It appears that underwriting fees remain constant and are not adjusted
based on
         redemptions. Revise your disclosure to disclose the effective
underwriting fee on a
         percentage basis for shares at each redemption level presented in your
sensitivity analysis
         related to dilution.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       You may contact Jeanne Baker at 202-551-3691 or Brian Cascio at
202-551-3676 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Jordan Nimitz at 202-551-5831 or Jason Drory at 202-551-8342 with any
other
questions.

                                                               Sincerely,
 Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 15

FirstName LastNameHans Thomas                         Division of Corporation
Finance
                                                      Office of Industrial
Applications and
Comapany Name10X Capital Venture Acquisition Corp. II
                                                      Services
February 16, 2023 Page 15
cc:       David Stewart, Esq.
FirstName LastName

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### Attached PDF Documents

**Attachment 1:** `filename1`

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CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

February 16, 2023

Hans Thomas  
Chief Executive Officer  
10X Capital Venture Acquisition Corp. II  
1 World Trade Center, 85th Floor  
New York, NY 10007

# **Re: 10X Capital Venture Acquisition Corp. II  
Registration Statement on Form S-4  
Filed January 20, 2023  
File No. 333-269342**

Dear Hans Thomas:

We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form S-4 filed January 20, 2023

# Cover Page

1. We note your risk factor disclosure on page 63 that Global Commodities & Investments Ltd. currently controls approximately 84.16% of the voting power of AFRAG’s capital stock and will control approximately 56.95% of the combined voting power of AFRAG PubCo Common Stock following the consummation of the Business Combination. Please disclose on your cover page that following the business combination you will be a 'controlled company' within the meaning of NASDAQ rules and the controlling shareholders' anticipated total voting power.

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 2

# Questions and Answers for Shareholders of 10X II, page ix

2. Given that the Nasdaq listing condition is waivable, please revise your questions and answers section, consistent with your risk factor disclosure on page 66, to prominently disclose that shareholders will not have certainty at the time that they vote regarding whether the AFRAG PubCo Common Stock and warrants will be listed on a national securities exchange following the business combination.

# Q. Did the 10X II Board obtain a third-party valuation or fairness opinion in determining whether or not to proceed with..., page xii

3. We note your disclosure that Canaccord Genuity's Opinion to the 10X II Board stated in part that the Business Combination is fair, from a financial point of view, to 10X II. Please include cautionary language noting, if true, that the fairness opinion addresses the fairness to all shareholders of 10X II as a group as opposed to only those shareholders of 10X II unaffiliated with the sponsor or its affiliates.

# Q. What equity stake will current 10X II shareholders and current equity holders of AFRAG hold in AFRAG PubCo immediately..., page xiii

4. We note your disclosure here notes that the table below on page xiii assumes "that all the AFRAG PubCo warrants to purchase AFRAG PubCo Common Stock that will be outstanding immediately following Closing have been exercised for cash." However, we note that your table does not appear to include all of the AFRAG PubC warrants. For example only, your table depicts that Cantor will hold 200,000 shares while your disclosure elsewhere appears to indicate that Cantor owns 200,000 private placement units and that each private placement unit consists of one private placement share and one-third of one private placement warrant. Please revise to disclose all possible sources and extent of dilution that shareholders who elect not to redeem their shares may experience in connection with the business combination. Provide disclosure of the impact of each significant source of dilution, including the amount of equity held by founders, convertible securities, including warrants retained by redeeming shareholders, at each of the redemption levels detailed in your sensitivity analysis, including any needed assumptions.

5. Quantify the value of warrants, based on recent trading prices, that may be retained by redeeming stockholders assuming maximum redemptions and identify any material resulting risks.

# Q. What are the U.S. federal income tax consequences of the Domestication?, page xviii

6. We note that the Domestication is intended to qualify as an F Reorganization. Please provide a tax opinion covering the material federal tax consequences of the transaction to investors and revise your disclosure accordingly. Please refer to Item 601(b)(8) of Regulation S-K and Items 4(a)(6) and 21(a) of Form S-4. For guidance in preparing

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 3

the opinion and related disclosure, please refer to Section III of Staff Legal Bulletin No. 19.

Forward Purchase Agreement, page 9

7. We note that 10X II has entered into a forward purchase agreement with Vellar for Vellar to purchase 10X II's Class A ordinary shares on the open market to reduce redemption rates. Please provide your analysis demonstrating how this agreement complies with Rule 14e-5.

8. We note your disclosure on page 62 that "200,000 shares are issued to Vellar as the share consideration under the Forward Purchase Agreement." However, on page 165 you disclose that "Vellar is to receive a $2.0 million fee payable in shares. To realize this, Vellar will purchase the shares in the open market." Furthermore, it appears that your Forward Purchase Agreement filed as Exhibit 10.4 defines Share Consideration as "an amount equal to the product of (x) such number that is the greater of (a) 5% of the Maximum Number of Shares and (b) 200,000 (provided that if Counterparty has requested and the Seller has paid the Prepayment Shortfall such number will be increased to the greater of (a) 10% of the Maximum Number of Shares and (b) 400,000) and (y) the Initial Price." Please correct for this apparent inconsistency or otherwise advise. In addition, please amend your disclosure here and in the "Questions and Answers" section to discuss all the material terms of the Forward Purchase Agreement, including any fees or other consideration payable to Vellar. Your disclosure should prominently highlight the material terms of the agreement as well as highlight the risks consistent with your risk factor disclosure on pages 47 and 48.

Interests of 10X II's Directors and Executive Officers in the Business Combination, page 13

9. Please disclose the out-of-pocket expenses for which the Sponsor and its affiliates are awaiting reimbursement. We note your statements that "[y]our Sponsor, executive officers and directors, or any of their respective affiliates are reimbursed for any out-of-pocket expenses incurred in connection with activities on [y]our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations" and that "[a]fter the completion of the Business Combination, directors or members of [y]our management team who remain with [you] may be paid consulting or management fees from AFRAG PubCo." We also note the $20,000 monthly payments owed to the Sponsor pursuant to the administrative support agreement. Please also include those expenses in the quantified, aggregate dollar amount that the sponsor and its affiliates have at risk if the business combination is not completed or advise.

Sources & Uses of Funds for the Business Combination, page 17

10. Please explain how the cash transferred to "Forward Purchase Agreement Escrow" is reflected in your pro forma balance sheet on page 159. Explain the offset to the related cash pro forma adjustments. Specifically clarify how the Escrow is reflected on your pro

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 4

forma balance sheet. In addition, see our comments below on negative cash and address the appropriateness of your presentation herein under the maximum redemption scenario.

Risk Factors - AFRAG, page 30

11. Please provide a risk factor that addresses the error identified in AFRAG's historical restated financial statements. Discuss the future obligations to provide an assessment of AFRAG's disclosure controls and procedures and internal control over financial reporting pursuant to Items 307 and 308 of Regulation S-X. Ensure you discuss the fact that AFRAG's disclosure controls and procedures and internal control over financial reporting may not be effective, and the implication of this assessment.

Background to the Business Combination, page 103

12. Please revise the Background section so that it is clear where each party stood with respect to material transaction terms during the course of the negotiations. For instance, when discussing meetings between the parties or their advisers, identify the party that proposed a material transaction term and indicate whether the other party agreed and/or proffered a counter proposal. The disclosure should provide shareholders with an understanding of how, when, and why the material terms of your proposed transaction evolved.

13. When you refer to representatives of AFRAG or 10X II or the 10X II Board, identify any executive officers or Board members that were present or are referenced, or confirm that you mean all members of the board or executive officers, as applicable. In addition, please revise to clearly identify each of the other parties who you describe in this section. For example only, we note references to "advisors" and "representatives" throughout this section. Please provide clear descriptions of each parties' roles, and describe how each party utilized the assistance of the advisors or representatives in their evaluation of the transaction on the whole or any of its constituent parts.

14. We note that 10X II had executed a business combination agreement after evaluating and selecting PrimeBlock from over twenty potential targets, and that the agreement was later terminated by mutual agreement. Please expand your disclosure regarding the other potential target companies, including:
- Whether you engaged in any discussions with the other potential target companies;
- The extent of due diligence or substantive negotiations with the other potential targets; and
- The size and material attributes of the potential targets.
Your disclosure in this section should provide shareholders with an understanding of why other target companies were not ultimately chosen as business combination partners.

15. Please include a more detailed discussion of your proposed business combination with PrimeBlock, including when discussions to enter a business combination were initiated, the material terms negotiated by 10X II and PrimeBlock, the circumstances surrounding the termination of the business combination agreement, the Boards reasons for

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 5

terminating the agreement, and whether 10X II was subject to any fees or penalties as a result of the termination.

16. We note your disclosure that 10X II prepared a presentation with a proposal for consideration by AFRAG's board of directors, detailing the proposed terms of a business combination between the parties, which contemplated a valuation of $450 million in total consideration (with part of such consideration subject to an earnout). In addition we note that before executing the LOI, employees of 10X II and Alan Kessler of AFRAG exchanged emails and phone calls regarding deal terms, including the valuation methodology. Please update your disclosure to describe how the parties arrived at the agreed upon valuation and disclose any material negotiations or discussions surrounding the determination to not have an earnout.

17. We note that "[p]rior to the termination of 10X II's business combination agreement with PrimeBlock, representatives of 10X Capital had various discussions with AFRAG in 10X Capital's capacity as an institutional investor." Please expand your timeline to substantially elaborate on these discussions, including whether or not valuation in AFRAG's planned IPO or alternative financings were discussed.

18. We note that the Company participated in various discussions and negotiations that resulted in the Standby Equity Purchase Agreements with Yorkville and Cohen & Company. Please disclose whether the investors have a relationship to the SPAC, the Sponsor, or their affiliates. Please also disclose the material terms that were negotiated during these discussions and how they were ultimately determined.

19. We note that 10X II and AFRAG engaged in several discussions regarding a valuation methodology based on projected revenue, AFRAG's financial model and the assumptions supporting the model. Please provide a more detailed description of these terms and the discussions, including when 10X II and 10X Capital received the projections from AFRAG, the positions taken by each party and negotiations related to these terms, and whether the projections or the valuations they supported were presented to Yorkville and Cohen & Company in connection with their financing agreements.

20. Please revise the Background section to clarify the due diligence that 10X II conducted. In this regard, we note numerous general references to "due diligence" and "extensive research" but it is unclear (i) what aspects of AFRAG's business and/or issues were the most significant from 10X II's perspective and (ii) what 10X II's research findings revealed.

Negotiations with AFRAG, page 104

21. We note your disclosure that AFRAG and 10X II "discussed in detail the financial model and assumptions supporting it as part of 10X II's financial due diligence of AFRAG." Please clarify whether the "financial model" used in 10X II's financial due diligence was provided to the 10X II Board. In addition, please clarify whether these were the same set

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 6

of financial projections provided to Cancaccord Genuity. To the extent the projections were provided to the 10X II Board and that these were different sets of projections, please include such analyses in your filing and explain the material differences with the financial projections currently provided in your registration statement.

Opinion of Financial Advisor to 10X II, page 109

22. We note that Cancaccord Genuity reviewed the historical income statement of AFRAG for the year ended December 31, 2021. We further note that AFRAG restated its financial statements for the fiscal year ended December 31, 2021. Please clarify whether or not Cancaccord Genuity reviewed the restated financials or otherwise advise.

The 10X II Board's Reasons for the Business Combination, page 109

23. We note your disclosure on page 181 of the fiduciary and contractual obligations that some of your officers and directors owe to other entities. With a view towards disclosure, please tell us how the board considered those conflicts in negotiating and recommending the business combination.

24. We note that the 10X II Board considered several potentially negative factors related to AFRAG, including "status as an early stage company without significant revenues, the competitive landscape, nonperformance by contract counterparties, including AFRAG's counterparties under its water and land use arrangements, the evolutionary nature of AFRAG's business model, and the execution risk that could create difficulties for AFRAG in effectively managing its initial buildout phase and, subsequently, managing its growth and expanding its operations." Please specifically address each of these risks and uncertainties and how the Board considered them when evaluating whether to approve the Business Combination.

Summary of Financial Analyses, page 112

25. We note the financial analyses summarized regarding public trading multiples and transaction multiples. Please clarify the criteria the advisor used to select comparable companies or transactions. Please disclose if the advisor excluded any companies or transactions that met the selection criteria from the analyses and, if applicable, why those companies or transactions were excluded.

Certain AFRAG Projected Financial Information, page 116

26. We note that AFRAG only recognized $330,000 in revenues for the nine months ended September 30, 2022 but the projections provided to the 10X II Board projected $2.1 million in revenue for 2022. Please explain whether or not the projections still reflect management's views on future performance and, if available, disclose whether or not the $2.1 million in revenue for 2022 is still achievable or otherwise advise. Refer generally to Item 10(b)(3)(iii) of Regulation S-K. In addition, if applicable, specifically address how a "miss" on year one of projections impacted the Board and Management's consideration of

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 7

whether or not the 2023 and beyond projected revenues are reasonable.

27. We note your bulleted disclosure on the bottom of page 117 and the top of page 118 discussing the various assumptions that AFRAG's management believed to be material when providing its forecasted financial information. Please revise to further quantify each material assumption that formed the basis for your projections. Your disclosure of these assumptions should provide investors will material information necessary to demonstrate how AFRAG's management ultimately arrived at the revenue, expenses, depreciation and amortization, EBITDA and unlevered free cash flow. For example only:
- With reference to the fact that AFRAG's operations are currently limited to their pilot program, disclose whether the Board and Management considered these projections reasonable. Address how the Board and Management considered the risks set forth in the first risk factor on page 31;
- We note your disclosure elsewhere regarding the yield on your alfalfa crop in your pilot study and your disclosure on page 225 that "[y]our initial expectations are that [you] will yield approximately 25 tons of alfalfa per hectare per year." Please disclose the material assumptions or estimates you made regarding your crop yield and tons of alfalfa produced for each of the years presented in your projections or otherwise advise;
- Disclose whether the projected revenues include revenues from your Fishery Business, Carbon Credit Business or other aspirational business, such as the Biofuels Market. If so, please discuss these revenues and plans separately from your farming operations, including any underlying assumptions, barriers to entry, capital requirements, and any risks or uncertainties related to these business arms;
- We note you currently operate the LFT farm in northern Senegal. Please clarify the specific "other countries" your projections assume you are able to enter into as well as your estimated timing for entering each market. If applicable, identify the market and geographical regions for the revenue projections and the specific market growth rates and projected market rate penetrations to help provide additional insight into the range in these rates underlying the revenue projections. Explain how the market rate growth and market rate penetrations were determined. To the extent known, disclose and discuss projected revenues underlying AFRAG's current growing footprint separate from their projections under the extension of the alfalfa growing footprint beyond Senegal into other countries;
- Disclose material assumptions related to how AFRAG intends to execute its plans to expand its growing footprint, including any regulatory barriers to acquisitions and land development. Address the fact that the projections were prepared and the fairness opinion was provided before the Extension meeting on November 9, 2022, after which material redemptions were made. With reference to these redemptions and the pro forma scenarios that assume additional redemptions, address the constraints on AFRAG's liquidity and ability to finance future growth;
- Disclose how you calculated unlevered free cash flows and identify the material assumptions underlying this measure;

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 8

- Please address the reasonableness of providing projections for a six year period given the limited operations of AFRAG; and
- Please provide the assumptions underlying your operating costs. We note you simply identify the types of costs underlying this estimate.

Unaudited Pro Forma Condensed Combined Financial Information, page 156

28. Please move your sections, "General Description of the Business Combination Agreement", "Merger Consideration", "Non-Redemption Agreement", "The Standby Equity Purchase Agreement" and "The Forward Purchase Agreement" from Note 1 -- Basis of Presentation on pages 163 and 164 to the headnote to the pro forma financial statements. In this regard, we note these agreements are integral to your pro forma financial statement presentation.

29. Please expand your disclosures to include a clear and concise understanding of the obligations of each entity under the Forward Purchase Agreement and Standby Equity Purchase Agreement. Address 10X II's potential financing costs associated with each agreement. Ensure you also disclose why the Company needed to enter both of these agreements and any interplay between the two agreements.

30. We note that conditions to the Business Combination include: (i) 10X II must have at least $5,000,001 of net tangible assets upon Closing and (ii) aggregate cash and cash commitments (including commitments under the Standby Equity Purchase Agreement) of at least $10.0 million. Please expand your presentation and disclosures to explain how you intend to address these required conditions. Explain how you meet the minimum cash condition for Scenarios 2 and 3 given that your pro forma balance sheet under these scenarios reflects $1,174,539 and $0 cash, respectively. Address whether you need to reflect the issuance of shares and proceeds received under the Standby Equity Agreement or simply have access to this potential source of funding. Also, disclose the net tangible assets under each scenario, with disclosure of how you calculated such amounts.

31. Please address the need to reflect the pro forma impact associated with the Non-Redemption Agreement. In this regard, address the need to recognize an expense for the fair value of the 794,088 Class B ordinary shares the Sponsor agreed to transfer to each Anchor Investor. Refer to SAB Topic 5T.

32. We note that in your tabular presentation at the top of page 158 your Maximum Redemption Column assumes 4,000,000 public shares are redeemed (representing 86.2% of the issued and outstanding public shares, after giving effect to the Extension Redemption). Please explain herein as well as the headnote to the pro formas why you do not reflect a scenario which represents 100% redemption of the outstanding public shares.

33. We note your presentation of potential sources of dilution below the ownership table and the related footnotes (4) and (5). In light of fact that the current trading price of 10X II common stock is below the exercise price of the warrants, please address the appropriateness of your footnote disclosure which assumes the exercise of the public and

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 9

private warrants and resulting inflow of cash. Please consider simply disclosing and discussing these warrants in the context of your pro forma earnings per share.

34. With reference to Note (6) to your tabular presentation on page 158, please disclose (i) the dated the RSU awards were issued, (ii) quantity the number of RSU awarded, and (iii) disclose the fair value of these issuances. Please include the compensation expense related to these RSU awards in your pro forma statements of operations. Refer to Rule 11-02(a)(6)(i)(B) of Regulation S-X.

Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2022, page 159

35. For clarity, please use parentheses for all adjustments that reduce your liabilities and stockholders equity line items.

36. We note that you have included Adjustment 1, which reflects the 74.35% redemption of the public shares by shareholders of 10X II following the Extension Meeting, with the other adjustments associated with Scenarios 1, 2 and 3. We have the following comments regarding this presentation:
- Disclose the Extension Meeting and its impact on 10X II's balance sheet in the headnote to the pro forma financial statements and clarify the basis for the 74.35% redemption assumption;
- In order to allow shareholders to more clearly evaluate the financial condition of 10X II prior to the Business Combination and other transactions reflected under each scenario, please present a separate column to reflect Adjustment (1) and provide a subtotal for 10X II prior to adjustments related to the additional scenarios;
- Disclose the per share redemption price in Adjustment (1) on page 166; and
- Revise the scenario headings to read Assuming No Additional Redemptions into Cash, Assuming 50% Additional Redemptions into Cash and Assuming Maximum Additional Redemptions into Cash. Ensure you revise these columnar headings throughout your filing.

Warrants, page 163

37. Please explain why you are disclosing and discussing the public and private warrants herein. These are outstanding equity securities of 10X II as of September 30, 2022 and based on the assumptions in the pro forma financial statements, are outstanding in the pro forma balance sheet presented on page 159. It does not appear appropriate to discuss any potential proceeds from the exercise of these warrants in the context of the pro forma financial information. Please revise to remove or advise.

The Non-Redemption Agreement, page 164

38. We note that you have entered into an agreement in which certain anchor investors (the "Anchor Investors") will not redeem its securities in exchange for a certain amount of the Sponsor's Class B ordinary shares following the closing of the business combination. In particular, we note your disclosure indicates that the agreement allows for the purchase of

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 10

additional 10X II securities by the Anchor Investors outside the redemption offer in exchange for consideration paid by the Sponsor. Please provide us with your analysis as to how this agreement complies with Rule 14e-5.

# Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet

# Note 4, page 166

39. Please expand your disclosures to identify the nature of the transaction costs incurred and the related entity reporting these costs. Separately identify and quantify those costs that are specific incremental costs to the transaction and explain why those costs are reflected as an offset to equity rather than within the pro forma statement of operations. In this regard, we note only AFRAG's specific incremental costs that result from the transaction may be reflected in equity. Other costs incurred by AFRAG and all transaction costs incurred by 10X II, as the accounting acquiree, must be reflected in your pro forma statement of operations. Also, address whether under any of the scenarios presented, the cash remaining from the trust fund is less than AFRAG's incremental transaction costs. If so, please address the need to expense the costs in excess of the remaining trust cash.

# Note 3, page 166

40. With reference to the material terms of the Forward Purchase Agreement, please address the following:
- Expand your columnar presentations for each redemption scenario in which the Forward Purchase Agreement is utilized to give effect to the full range of possible results. For example, a range of results would include whether or not Vellar purchases 10X II shares in the open market. Another possible range of results would be whether or not Vellar sells the acquired shares prior to close and/or prior to maturity. Refer to Article 11-02(a)(10) of Regulation S-K for guidance; and
- For the scenarios presented in which Vellar does not sell the shares prior to closing and/or prior to maturity, explain why you have not also recognized a liability for the repurchase of the shares at the redemption price in addition to the $2.50 per share required for those shares not sold prior to maturity. In this regard, we note your disclosure elsewhere that immediately following the Closing, if any shares are purchased pursuant to the Forward Purchase Agreement, 10X II will need to prepay Vellar an amount equal to the number of shares to be purchased by Vellar times the redemption price, and, as a result, 10X II's cash reserves would be reduced significantly. In plain English, address how you determine the redemption amount given the stated terms that "10X II will pay to Seller, out of funds held in its account, an amount (the "Prepayment Amount") equal to (x) the pre-share redemption price (the "Initial Price") multiplied by (y) the number of Recycled Shares on the date of such prepayment. At the option of 10X II, up to 10% of such Prepayment Amount may be paid to 10X II and netted from the Prepayment Amount (the "Prepayment Shortfall")."

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 11

Note 5, page 166

41. For your maximum redemption scenario, please explain your basis for recording the $6,464,054 adjustment to additional paid-in capital.

Note 7, page 166

42. Please revise to present the $13.7 million award for services to Global Commodities & Investment Ltd. as an adjustment to your Pro Forma Combined Statement of Operations for the year ended December 31, 2021. Refer to Rule 11-02(6)(i)(B) of Regulation S-X.

Note 14, page 167

43. Please explain your basis for reclassifying $15 million of "negative cash" to accounts payable. Specifically address the need to have financing in place in order to cover the negative cash and ensure you have $10 million cash and cash commitments to meet the minimum cash condition set forth in the AA Merger Agreement. If you do not have financing in place, explain how you concluded that the maximum redemption scenario is a possible outcome.

Adjustments to the Unaudited Pro Forma Condensed Combined Statement of Operations, page 168

44. With regard to adjustments (cc), (dd) and (ee), please provide a tabular presentation for each of the issuances and redemptions referenced to arrive at the pro forma weighted average shares outstanding. For instance, explain how you determined the 180.7 million post-split shares of AFRAG and clarify whether those shares were exchanged for the 45,000,000 AFRAG PubCo Common Stock referenced in the Merger Transaction. Similarly, explain the exchanges related to the various other issuances disclosed in these adjustments.

45. Disclose in tabular form the nature and number of securities that that could potentially dilute basic EPS in the future but that were not included in the computation of pro forma diluted earnings per share for the periods presented because they were anti-dilutive. Ensure you include the shares that could be issued under the warrants, SEPA, and 2023 Plan. Refer to ASC 260-10-50-1(c).

The Forward Purchase Agreement, page 188

46. We note your reference to a "Maturity Date (as defined in the Forward Purchase Agreement)" which may be "may be accelerated upon occurrences described in the Forward Purchase Agreement." Please update your disclosure to clarify when you may be required to pay Vellar pursuant to this agreement.

47. We note your Forward Purchase Agreement with Vellar (the "Forward Purchase Agreement") filed as Exhibit 10.4 includes material terms that do not appear to be disclosed in your registration statement when you describe the Forward Purchase

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 12

Agreement. For example only, we note the following:

- Dilutive Offering Reset provision;
- Penalty Share provision, whereby Vellar may receive such number of Shares equal to 225% of the Maturity Shares (the "Penalty Shares") if certain conditions are to occur;
- Vellar may be reimbursed for legal fees in an amount not to exceed $0.05 per share;
- Break-up Fee provision, whereby Vellar may receive a $500,000 break-up fee; and
- Vellar may from time to time and on any date following the Business Combination, terminate the Transaction;

Please update your disclosure to describe these material terms or otherwise advise.

# Information about AFRAG

# Company Overview, page 193

48. Please revise the description of your business throughout your registration statement so that the nature and extent of your current operations are clear and are distinguished from your proposed or aspirational business plans. For example only, revise your disclosure upfront to clearly state the current status of your alfalfa farming operations.

49. Please balance your overview by including disclosure regarding your limited operating history, history of losses, and the auditor's explanatory paragraph regarding your ability to continue as a going concern.

50. We note your disclosure that "[w]ithin thirty (30) days of the execution of the Merger Agreement, AFRAG will deliver to 10X II the duly executed Offtake Agreement." Given that the Merger Agreement was executed on November 2, 2022 please updated your disclosure to discuss whether or not the Offtake Agreement was executed or otherwise advise. In addition, to the extent such agreement was executed please disclose the material terms of the agreement and file the agreement as an exhibit pursuant to Item 601(b)(10) of Regulation S-K or tell us why you do not believe you are required to file it.

# Relative Logistics, page 201

51. We note your disclosure that you believe that the 25 year Power Purchase Agreement will be executed "prior to the commissioning of the project." To the extent that you are able, please provide a timing update for the execution of the 25 year Power Purchase Agreement or otherwise advise.

# Significant scale of Existing Farm, page 217

52. We note your disclosure here that you have "Significant scale of Existing Farm" and "[b]y virtue of the large-scale nature of [AFRAG's] operations, AFRAG believes its cost structure to be cost advantageous as opposed to smaller scale operators." Please revise to disclose the basis for these statements or remove these statements. We note your disclosure elsewhere, including on page 219, appears to indicate that your current farm operations are limited to a "305-hectare pilot."

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 13

AFRAG Liquidity and Capital Resources, page 234

53. We note that you believe the capital raised in connection with the Business Combination with 10X II, together with funds from operations will enable the expansion of planting and harvesting of up to 10,000 hectares with an anticipated turn of the crop 10 times annually. With reference to the three scenarios presented in your pro forma balance sheet and the resulting pro forma cash balances, please expand this disclosure to explain how you will reasonably be able support this expansion and address the potential impact of not being able to develop your farm as quickly as your business plan anticipates. Ensure you address that you have yet to generate cash flows from operations.

AFRAG Executive Officer and Director Compensation, page 246

54. Please update your executive compensation disclosure as of the fiscal year ended December 31, 2022.

Certain Relationships and Related Person Transactions - AFRAG, page 254

55. We note your disclosure on page 166 that there was a $13.7 million award for services to Global Commodities & Investment Ltd. Please update your disclosure to discuss the material terms of the service award or otherwise advise.

African Agriculture Unaudited Consolidated Financial Statements as of September 30, 2022

Note 13 - Subsequent Events, page F-57

56. You disclose that in advance of the Company entering into the Business Combination Agreement, the Company effected a 3,614.8601-for-1 stock split. Please disclose the date the split was effected and revise your financial statements to retroactively present the stock split consistent with the guidance in ASC 260-10-55-12 and ASC 505-10-S99-4 (SAB Topic 4C) and have your auditors dual date their report for the impact of the stock split. If the stock split has not yet been effected, please clarify.

57. Please disclose the dates of the corporate actions taken and the following:
- The number of shares issued to the majority shareholder in consideration for services provided to the Company, the nature of the services provided, (iii) the deemed fair value per share and (iv) total expense recognized;
- The terms of the 2,777,076 restricted stock units granted to numerous individuals, (ii) the basis for issuing those units, (iii) the deemed fair value per unit and (iv) total expense recognized; and
- The terms of the 2,700,000 restricted stock units granted to African Discovery Group, (ii) the basis for issuing those units, (iii) the deemed fair value per unit and (iv) total expense recognized; and
- If the dates of these transactions are after December 31, 2022, please address the need to disclose the impact of these transactions in your pro forma statement of operations presented elsewhere in the filing.

Hans Thomas
10X Capital Venture Acquisition Corp. II
February 16, 2023
Page 14

In light of the Business Combination with 10X II and the assumed $450M valuation of AFRAG, if the deemed fair value of the above referenced shares and stock units is not equivalent to the $10 per share fair value of New AFRAG shares, please provide support for you determination.

General

58. With a view toward disclosure, please tell us whether your sponsor is, is controlled by, has any members who are, or has substantial ties with, a non-U.S. person. Please also tell us whether anyone or any entity associated with or otherwise involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, please revise your filing to include risk factor disclosure that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to complete an initial business combination with a target company should the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined company, and the warrants, which would expire worthless.

59. It appears that underwriting fees remain constant and are not adjusted based on redemptions. Revise your disclosure to disclose the effective underwriting fee on a percentage basis for shares at each redemption level presented in your sensitivity analysis related to dilution.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

You may contact Jeanne Baker at 202-551-3691 or Brian Cascio at 202-551-3676 if you have questions regarding comments on the financial statements and related matters. Please contact Jordan Nimitz at 202-551-5831 or Jason Drory at 202-551-8342 with any other questions.

Sincerely,

Hans Thomas  
10X Capital Venture Acquisition Corp. II  
February 16, 2023  
Page 15

Division of Corporation Finance  
Office of Industrial Applications and  
Services

cc: David Stewart, Esq.