Defendant Name: African Gold Acquisition Corp.

Defendant Type: Public Company
SIC Code: 6799
CUSIP: G0112R10

Initial Case Details

Legal Case Name In the Matter of African Gold Acquisition Corp.
First Document Date 22-Feb-2023
Initial Filing Format Administrative Action
File Number 3-21309
Allegation Type Issuer Reporting and Disclosure
AAER 4377

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 22-Feb-2023
Headline Total Penalty and Disgorgement $103,591

Related Documents:

34-96960 22-Feb-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On February 22, 2023, the SEC instituted cease-and-desist proceedings against African Gold Acquisition Corp., stating: "Since the closing of its initial public offering (“IPO”) of securities on March 2, 2021 until late 2022, African Gold failed properly to devise and maintain a sufficient system of internal accounting controls and also failed to maintain internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DCP”) as required."
2023-36 22-Feb-2023 Press Release--Administrative Proceeding
SEC Charges African Gold Acquisition Corp. with Internal Controls, Reporting, and Recordkeeping Failures
The SEC "announced settled charges against African Gold Acquisition Corp., a publicly traded special purpose acquisition company (SPAC), for internal controls, reporting, and recordkeeping violations. These failures enabled African Gold’s former chief financial officer to misappropriate approximately $1.2 million from the company’s operating bank account. As a result, African Gold made materially false filings with the Commission and maintained inaccurate books and records."

Related Actions:

SEC v. Cooper J. Morgenthau
Cooper J. Morgenthau