Defendant Name:
African Gold Acquisition Corp.
Defendant Type:
Public Company
SIC Code:
6799
CUSIP:
G0112R10
Document Reference:
34-96960
Document Details
Legal Case Name
In the Matter of African Gold Acquisition Corp.
Document Name
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
Document Date
22-Feb-2023
Document Format
Administrative Proceeding
AAER
4377
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$103,591.00
Shared:
