The Andina Acquisition Corporation team has developed and sponsored two special purpose acquisition companies that have successfully closed two business combinations.

On February 1, 2019 the Andina team announced the closing of the initial public offering of Andina Acquisition Corporation III, which generated gross proceeds of USD108m. Andina Acquisition Corp. III is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.

On July 22, 2020 Andina and EMMAC Life Sciences Limited jointly announced the signing of a non-binding letter of intent relating to a business combination. Through this transaction EMMAC would become a publicly traded company on the NASDAQ Stock Market. EMMAC is Europe’s largest independent cannabis company, bringing together cutting-edge scientific research with the latest innovations in medical cannabis cultivation, extraction and production.

Additional information on EMMAC and investor presentation can be found here.

You can also hear Andina’s and EMMAC’s management teams discuss this exciting investment opportunity in the link below:

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Team

Portfolio

Lazydays

In March 2018, Andina Acquisition Corp. II (Andina II) completed a business combination with Lazydays R.V. Center, Inc (NASDAQ: LAZY). The total consideration paid to the seller was USD $87 million in the form of cash plus 2.9 million shares of common stock in the combined entity. The transaction was funded with a combination of cash from Andina II’s USD $40 million IPO in December 2015, a USD $95 million PIPE investment and an expansion of Lazydays’ credit facility. The business combination was valued at approximately USD $208 million on a pro forma fully diluted basis (7.0x 2017E Adjusted EBITDA).

Compelling investment rational:

  • Andina II management team pursued this business combination outside of its geographic focus due to the industry reputation, financial profile and growth trajectory of Lazydays as well as the track record of its management team
  • Lazydays has high free cash flow generation and a stronger balance sheet post business combination
  • Opportunities to grow both organically as well as through strategic M&A in a highly fragmented market
  • Strong management team with significant public company experience

Live graph of LAZY stock price

Tecnoglass

In March 2012, Andina Acquisition Corporation (Andina I) raised USD $42million from the sale of 4.2 million units and signed a definitive agreement to merge with Tecnoglass, Inc. (NASDAQ: TGLS) in August 2013. The business combination was valued at approximately USD $313 million on a pro forma fully diluted basis (9.0x 2013E Adjusted EBITDA).

Benefits of business combination for the company have included:

  • U.S. public listing immediately increased TGLS U.S. performance bonding capacity
  • LTM adjusted EBITDA grew from USD $27 million as of June 30, 2013 to USD $62 million as of March 31, 2018.
  • U.S. revenues rose from ~30% of total revenues in FY 2012 to ~76% in FY 2017
  • Access to U.S. debt capital markets has allowed Tecnoglass to reduce its interest costs and to deploy additional capital to enhance state-of-the-art manufacturing plants with cutting-edge technology




Live graph of TGLS stock price

News

Securities

Andina Acquisition Corporation II units are traded on Nasdaq under the symbol ANDAU.

Andina Acquisition Corp. III and EMMAC Life Sciences Limited Announce Signing of Non-Binding Letter of Intent for Business Combination

“New York, NY and London, UK – July 22, 2020 - Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) (“Andina”) and EMMAC Life Sciences Limited (“EMMAC”) jointly announced today that they have signed a non-binding letter of intent (the “LOI”) relating to a business combination, pursuant to which EMMAC would become a publicly traded company on the NASDAQ Stock Market with EMMAC’s shareholders rolling over all of their equity in EMMAC into the combined public company. As consideration for the transaction, it is anticipated that the current EMMAC shareholders would collectively own a majority of the equity of the combined public company.”

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Andina Acquisition Corp. III announces closing of Initial Public Offering

“NEW YORK, Feb. 1, 2019 /PRNewswire/ -- Andina Acquisition Corp. III (Nasdaq: ANDAU) (the "Company") announced today the closing of its initial public offering of 10,800,000 units, including 800,000 units subject to the underwriters' over-allotment option. Each unit consists of one ordinary share, $0.0001 par value per share ("Ordinary Share"), one right ("Right") to receive one-tenth of one Ordinary Share, and one redeemable warrant ("Warrant"), with each warrant entitling the holder to purchase one Ordinary Share at a price of $11.50 per share. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $108,000,000 to the Company.”

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Lazydays R.V. Center, Inc. and Andina Acquisition Corp. II Announce Closing of Business Combination

Lazydays R.V. Center, Inc. (“Lazydays”) and Andina Acquisition Corp. II (NASDAQ: ANDAU, ANDA, ANDAR, ANDAW) (“Andina” or the “Company”) today announced the closing of their previously announced business combination. The business combination was approved at Andina’s extraordinary general meeting of shareholders held earlier today. In connection with the consummation of the business combination, the combined company was renamed Lazydays Holdings, Inc.

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Andina Acquisition Corporation Completes Merger with Tecnoglass

NEW YORK & BARRANQUILLA, Colombia--(BUSINESS WIRE)--Andina Acquisition Corporation (NASDAQ: ANDA; ANDAW) (“Andina”) today announced the closing of its merger with privately-held Tecnoglass, Inc. following the receipt of shareholder approval at Andina’s Extraordinary General Meeting of Shareholders held today in New York City.

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Andina Acquisition Corp. II announces closing of Initial Public Offering

(BUSINESS WIRE)--Andina Acquisition Corp. II (NASDAQ:ANDAU) (the “Company”) announced today that it has completed its initial public offering of 4,000,000 units. Each unit consists of one ordinary share, par value $.0001 per share, one right to receive one-seventh of one ordinary share upon consummation of an initial business combination and one warrant entitling the holder to purchase one-half of one ordinary share at a price of $11.50 per full share commencing on the later of the Company’s completion of its initial business combination or November 24, 2016…

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Andina Acquisition Corporation completa su fusión con Tecnoglass

BUSINESS WIRE)--Andina Acquisition Corporation (NASDAQ: ANDA; ANDAW) (“Andina”) hoy anunció el cierre de su función con la empresa privada Tecnoglass, Inc. tras la recibir la aprobación de los accionistas en la Asamblea General Extraordinaria de Accionistas de Andina que se llevó a cabo hoy en la ciudad de Nueva York…

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