Andina Acquisition III shareholders voted almost unanimously in favor of the SPAC’s merger with Stryve Foods, a healthy snack platform disrupting traditional snacking categories.
Approximately 99.9% of the votes cast at the meeting, representing approximately 84.7% of Andina’s outstanding shares voted to approve the business combination.
The deal values the combined company at an enterprise value of $170 million and is expected to close today. Announced in January, Andina agreed to pay $67 million in cash for Stryve.
The SPAC said 756,896 shares were redeemed ahead of the merger vote.
The companies in January 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 closing, if shareholders approve.
Andina in May filed a prospectus on a $56 million PIPE to support the deal.
The SPAC raised $100 million in an IPO in November 2018.
The combined company will operate as Stryve Foods and will list shares and warrants on the Nasdaq under SNAX and SNAXW. Read more.