Andina Acquisition Corp. III, a publicly-traded special purpose acquisition company, announced that it has completed its business combination with Stryve Foods, LLC, 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.