Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU)
(“Andina” or the “Company”), a publicly-traded special purpose
acquisition company, today announced that it has completed its
business combination (the “Business Combination”) with Stryve
Foods, LLC (“Stryve”), an emerging healthy snacking platform
disrupting traditional snacking categories and a leader in the air
dried meat snack industry in the United States. The Business
Combination was approved by Andina’s shareholders at a Special
Meeting held on July 19, 2021.
In connection with the closing of the Business
Combination, Andina re-domesticated from the Cayman Islands, became
a Delaware corporation, acquired Stryve’s business in an “Up-C
structure” and changed its name to “Stryve Foods, Inc.” The Class A
common stock and warrants of Stryve are expected to begin trading
on NASDAQ under the new symbols “SNAX” and “SNAXW,” respectively on
or about July 21, 2021.
Luke Weil, Chairman of the Board of Directors of
Andina, and Julio A. Torres, CEO of Andina, commented, “Andina is
pleased to announce the closing of our Business Combination with
Stryve. Jaxie, Joe, Alex and the Stryve team are truly changing the
way Americans snack. Our belief is that Stryve is poised for rapid
growth and value creation thanks to their visionary and highly
capable leadership. We look forward to seeing Stryve’s continued
positive disruption of traditional snacking categories, along with
its realization of platform expansion opportunities.”
Joe Oblas, Co-CEO and Co-Founder of Stryve and
Jaxie Alt, Co-CEO and Chief Marketing Officer of Stryve, added,
“This milestone event brings us one step closer towards achieving
our mission of helping Americans snack better and live happier and
more fulfilling lives but there is still so much more we can
accomplish. As Stryve begins this new chapter as a public company,
we are more eager than ever to deepen our penetration within
existing channels, expand our SKUs on shelf, and build upon our
already strong e-commerce momentum. As our revenues continue to
grow, Stryve’s investments in people, infrastructure and vertical
integration will pay significant dividends for the business.”
The Business Combination included a concurrent
private placement of $53.4 million, including subscriptions for
$42.5 million of Class A common stock, payable in cash, and
subscriptions for $10.9 million of Class A common stock, to be
satisfied by the offset of principal and accrued interest under
outstanding bridge notes issued by Stryve, as part of the Business
Combination.
Leadership and Board of
Directors
The combined company will continue to be led by
Joe Oblas, Co-Founder & Co-CEO, Jaxie Alt, Co-CEO & Chief
Marketing Officer and their seasoned executive leadership team
including Alex Hawkins, Chief Operating Officer and Chief Financial
Officer.
- Joe Oblas founded and successfully exited ProSupps, one of the
fastest growing sports nutrition brands. He also co-founded Juice
Stop, which grew to 150 stores in 22 states prior to exiting the
business.
- Jaxie Alt spent 17+ years at Dr Pepper Snapple Group where she
served as Co-Chief Marketing Officer, managing $10+ billion in
retail sales and $300+ million in marketing spend.
- Alex Hawkins was an operationally-focused Principal investor at
Rosewood Private Investments. He is a CFA Charterholder and
previously spent time in asset management and process
consulting.
The combined company is also supported by a
Board of Directors compromised of individuals who each bring a
diverse wealth of experience and knowledge.
- Ted Casey, Chairman, is a co-founder of Stryve. He previously
founded and served as the CEO of Dymatize Nutrition from 1993 to
2014 until its sale to Post Holdings.
- Bo Ramsey, Director, is the Chief Investment Officer for Oxford
Financial Group, and before that, was Co-Chief Investment Officer
at Pendyne Capital, one of Stryve’s largest private equity
holders.
- Kevin Vivian, Director, was the former Senior Vice President
and National Sales Director of Frito-Lay.
- Luke Weil, Director, is the Chairman of the Board of Directors
and founder of Andina. He previously served as Chairman of the
Board of Directors of Andina Acquisition Corp. II and CEO of Andina
Acquisition Corporation.
- Mauricio Orellana, Director, is the Chief Operating Officer of
Andina and founder of Andina and Andina Acquisition Corp. II. He
also acted as an M&A advisor to Andina Acquisition
Corporation.
Advisors to the Business
Combination
Cowen served as financial advisor to Andina.
Cowen and Craig-Hallum Capital Group acted as co-capital markets
advisors to Andina. Craig-Hallum served as sole placement agent in
connection with the private placement and bridge investment.
Ellenoff Grossman & Schole LLP served as legal advisor to
Andina. Foley & Lardner LLP served as legal advisor to
Stryve.
About Stryve Foods, Inc.
Stryve is an emerging healthy snacking company
which manufactures, markets and sells highly differentiated healthy
snacking products that Stryve believes can disrupt traditional
snacking categories. Stryve’s mission is “to help Americans snack
better and live happier, better lives.” Stryve offers convenient
snacks that are lower in sugar and carbohydrates and higher in
protein than other snacks. Stryve offers all-natural, delicious
snacks which it believes are nutritious and offer consumers a
convenient healthy snacking option for their on-the-go lives.
Stryve’s current product portfolio consists
primarily of air-dried meat snack products marketed under the
Stryve®, Kalahari®, Braaitime®, and Vacadillos® brand names. Unlike
beef jerky, Stryve’s all-natural air-dried meat snack products are
made of beef and spices, are never cooked, contain zero grams of
sugar, and are free of monosodium glutamate (MSG), gluten,
nitrates, nitrites, and preservatives. As a result, Stryve’s
products are Keto and Paleo diet friendly. Further, based on
protein density and sugar content, Stryve believes that its
air-dried meat snack products are some of the healthiest
shelf-stable snacks available today.
Stryve distributes its products in major retail
channels, primarily in North America, including grocery, club
stores and other retail outlets, as well as directly to consumers
through its e-commerce websites, as well as direct to consumer
through the Amazon platform. Deloitte Corporate Finance LLC advised
Stryve in prior capital raising efforts during 2019 and 2020
unrelated to the Business Combination.
For more information about Stryve, visit
www.stryve.com or follow us on social media at
@stryvebiltong.
Forward Looking Statements
Certain statements made in this press release
are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “may”, “will”, “would”, “could”,
“intend”, “aim”, “believe”, “anticipate”, “continue”, “target”,
“milestone”, “expect”, “estimate”, “plan”, “outlook”, “objective”,
“guidance” and “project” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters, including, but not limited to, statements
regarding Stryve’s plans, strategies, objectives, targets and
expected financial performance. These forward-looking statements
reflect Stryve’s current views and analysis of information
currently available. This information is, where applicable, based
on estimates, assumptions and analysis that Stryve believes, as of
the date hereof, provide a reasonable basis for the information and
statements contained herein. These forward-looking statements
involve various known and unknown risks, uncertainties and other
factors, many of which are outside the control of Stryve and its
officers, employees, agents and associates. These risks,
uncertainties, assumptions and other important factors, which could
cause actual results to differ materially from those described in
these forward-looking statements, include: (i) the inability to
obtain or maintain the listing of Stryve’s Class A common stock on
Nasdaq; (ii) the ability of the combined company to recognize the
anticipated benefits of the Business Combination or meet its
financial and strategic goals, which may be affected by, among
other things, competition, the ability of the combined company to
pursue a growth strategy and manage growth profitability, maintain
relationships with customers, suppliers and retailers and retain
its management and key employees; (iii) the risk that retailers
will choose to limit or decrease the number of retail locations in
which Stryve’s products are carried or will choose not to carry or
not to continue to carry Stryve’s products; (iv) the possibility
that Stryve may be adversely affected by other economic, business,
and/or competitive factors; (v) the effect of the COVID-19 pandemic
on Stryve; and (xii) other risks and uncertainties described from
time to time in the definitive proxy statement/prospectus filed by
Andina with the SEC on June 28, 2021, including those under the
heading “Risk Factors” therein as well as other risks and
uncertainties discussed from time to time in other reports and
other public filings with the SEC by Andina. Actual
results, performance or achievements may differ materially, and
potentially adversely, from any projections and forward-looking
statements and the assumptions on which those projections and
forward-looking statements are based.
Contacts:
ICRInvestor Relations:Raphael Gross, (203)
682-8253raphael.gross@icrinc.com
Media Relations:Eric Becker, (303)
638-3469eric.becker@icrinc.com
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