10X Capital ends merger with American Gene Technologies By Investing.com

In a recent development, 10X Capital Venture Acquisition Corp. III (NYSE American: VCXB), a special purpose acquisition company, has mutually terminated its merger agreement with biotechnology firm American Gene Technologies International Inc. The agreement, initially signed on August 9, 2023, was called off by both parties on June 21, 2024.

The termination agreement includes a mutual release of all claims related to the original merger agreement and the transactions that were contemplated by it. This release extends to all claims, whether known or unknown, associated with the merger and its related dealings. Furthermore, the parties have agreed not to pursue any legal action against one another, with the termination agreement containing a covenant not to sue alongside other standard terms.

The decision to terminate the merger also leads to the cessation of all ancillary agreements as stipulated in the original merger documentation. 10X Capital now has until July 14, 2024, to complete an initial business combination as per its charter.

It is important to note that the termination of the merger does not imply any admission of liability or wrongdoing by either party. Both 10X Capital and American Gene Technologies have acknowledged that there is no implication of fault as part of the termination.

This move comes as 10X Capital continues to pursue other business combination opportunities within its allotted timeframe. The details of the termination were outlined in a Mutual Termination of Merger Agreement, which was filed with the SEC and is available for reference.

Investors and stakeholders of both 10X Capital Venture Acquisition Corp. III and American Gene Technologies International Inc. will be watching closely to see how each company will move forward following this dissolved agreement. Information about this event is based on a press release statement.

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