Arogo Capital Acquisition Corp. Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

Miami, FL – (NewMediaWire) – December 29, 2021 – Arogo Capital Acquisition Corp. (the “Company”) announced
today the closing of its initial public offering of 9,000,000 units at $10.00
per unit (the “Offering”). Each unit consists of one share of Class A common stock
and one redeemable warrant entitling the holder thereof to purchase one share
of Class A common stock at a price of $11.50 per share. The underwriters
exercised their over-allotment option in full for an additional 1,350,000 units
on December 27, 2021, which closed at the time of the closing of the Offering.
As a result, the aggregate gross proceeds of the Offering, including the
over-allotment, are $103.5 million, prior to deducting underwriting discounts,
commissions, and other Offering expenses.

The units have been listed on the Nasdaq Global
Market (“Nasdaq”) and began trading on December 27, 2021, under the ticker
symbol “AOGOU”.
Once the securities comprising the units begin separate trading, the shares of
common stock and warrants are expected to be listed on Nasdaq under the symbols
“AOGO” and “AOGOW”, respectively.

The Company is a blank
check company whose business purpose is to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or entities. The Company has not
selected a business combination target and has not, nor has anyone on its
behalf, initiated any substantive discussions, directly or indirectly, with any
business combination target. The Company intends to focus its search for a
target business with operations or prospective operations in electric vehicles
(EV) technology, smart mobility or sustainable transportation and related
business ecosystems in the Asia Pacific, primarily Southeast Asia, where the
management team has extensive experience in the information technology,
transportation operations, and manufacturing industries. The Company is led by
its Chief Executive Officer, Suradech Taweesaengsakulthai.

EF Hutton, division of
Benchmark Investments LLC (“EF Hutton”) served as sole book-running manager for
the Offering.

Nelson Mullins Riley
& Scarborough LLP served as legal counsel to the Company. The Loev Law
Firm, PC served as legal counsel to EF Hutton.

The offering was made
only by means of a prospectus. Copies of the prospectus may be obtained from EF
Hutton, division of Benchmark Investments LLC, 590 Madison Ave., 39^th
Floor, New York, NY 10022, Attention: Syndicate Department, or via email
at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

The Securities and Exchange Commission (“SEC”) declared effective a
registration statement on Form S-1 relating to these securities on December 23,
2021. A final prospectus relating to this offering has been filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any of the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.