Friday evening, Andina Acquisition Corp. III, filed for a $100 million SPAC IPO focused on companies in the Americas, which means we now have four SPACs getting ready to IPO in December, bringing our 2018 potential deal count to 47.
Andina III is the third effort from the Weils, with Lorne Weil serving as Non-Executive Chairman on Andina I and Luke Weil as Director Andina II, and with Luke Weil in the Chairman role for number three. Interestingly, Andina III was originally confidentially filed back in December of 2016, with EarlyBird as underwriter and then again as recently as June of 2018, also with Earlybird as underwriter. Plus, if you recall, EarlyBird was also the underwriter for Andina I & II. However, in this latest iteration, Andina III is being underwritten by Cowen and Craig-Hallum, as joint bookrunners. The fact that EarlyBird is no longer participating in the underwriting group feels a little bit like a divorce, but hard to say who initiated proceedings. Either way, the Andina team is dating someone new.
Looking at the terms below, we see the current flavor of terms for a mid-sized SPAC. Albeit, this one includes a right, in addition to the share and full warrant.
Now, people may look at these terms and think, well…this is what we’re seeing in the current SPAC climate. And yes, that’s part of it, but it might also have to do with the performance of Andina I & II (see below). To be fair, Tecnoglass traded up to $15.02 back in November of 2015, but they had a rough 2017, and have since been bouncing around between $8.00 and $10.00. Lazydays, on the other hand, has just been on a downward slide since completion. Additionally, David Schuloff will be a director on Andina III, and since he was a director on M I Acquisitions Inc., we included that SPAC as well.
However, simply having prior SPAC experience does still count, so maybe Andina III will be an opportunity for the team to put all that knowledge to work having learned from past combinations. However, are these terms sell-able? That’s a tough call, but Andina might have to go to 101% in trust. Mostly because, if CF Finance, which is a strong team, is at 101%, 18 months with 1 share + 1 warrant…can Andina III sell their deal at 100%, 18 months, but with 1 share + 1 warrant + 1 right?
I guess we’ll find out….
*This post has been amended to reflect the correct roles of Lorne and Luke Weil on Andina I & II.
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