The deal and all other measures up for vote passed nearly unanimously, but 756,896 shares were redeemed in connection with vote, removing an estimated $7.7 million from the Andina III’s trust. This amounted to slightly more than half of the $13.5 million Andina III’s remaining cash in trust, having faced 87.8% redemptions through three extension votes going into the deal.
Andina III, however, supplemented its trust with a $53 million from a PIPE and convertible bridge note to finance the deal, and does not appear at risk of missing its $19 million minimum cash condition. The transaction is expected to be completed in the coming days, after which the combined company will operate as Stryve Foods and will be listed on NASDAQ under the new symbols “SNAX” and “SNAXW,” respectively.
The parties initially announced the $170 million deal on January 28. Stryve creates healthy snacks, including its flagship Beef Biltong product which is a high protein meat snack with zero grams of sugar. Stryve products are available through their website, Amazon, and over 17,000 retail stores across the U.S. and Canada.
Tattooed Chef (NASDAQ: TTCF) was a recent SPAC/CPG deal that is currently trading well above $20. Other recent SPAC/CPG deals like Act II/Whole Earth Brands (NASDAQ: FREE) and Collier Creek/UTZ (NYSE: UTZ) are similarly trading well.
- Cowen is serving as financial advisor to Andina
- Cowen and Craig-Hallum Capital Group are acting as co-capital markets advisors to Andina
- Craig-Hallum is serving as sole placement agent in connection with the private placement and bridge offerings
- Ellenoff Grossman & Schole LLP is serving as legal advisor to Andina
- Foley & Lardner LLP is serving as legal advisor to Stryve