10X Capital Venture Acquisition Corp. III announced that it has entered into a standby equity purchase agreement for the issuance of common share for gross proceeds of up to $50,000,000 with YA II PN, Ltd., a fund managed by Yorkville Advisors Global LP on December 20, 2022. The shares would be purchased at 97% of the market price.

The company has paid a structuring fee by the issuance of 37,500 shares to Yorkville Advisors Global LP. The duration of the agreement is thirty-six months. The company will issue the common shares was exempt from registration under Section 4(a)(2) under of the Securities Act of 1933.