Stryve Foods and Andina Acquisition III today announced a definitive agreement for a business combination set at $67 million in cash. The transaction values the combined company at an enterprise value of $170 million.
The deal is expected to close in the second quarter, pending shareholder approvals.
Texas-based Stryve is a healthy snack platform. Upon closing of the transaction, the combined company will be named Stryve Foods and is expected to trade on the NASDAQ under SNAX.
The companies executed definitive agreements with institutional investors for an oversubscribed common stock PIPE of $42.5 million at $10 per share. Stryve simultaneously has secured a $10.6 million bridge note offering with accredited and institutional investors with funds being made available immediately for general working capital. The bridge note offering will convert into common stock immediately prior to the business combination closing.
