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ANDA - Andina Acquisition III News Story

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Last Trade - 16/04/21

Small Cap
Market Cap £180.1m
Enterprise Value £179.9m
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Position in Universe 4332nd / 6850

Stryve Foods, LLC Names Scott McCombs as Chief Financial Officer

Mon 1st March, 2021 2:49pm
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PLANO, Texas, March 01, 2021 (GLOBE NEWSWIRE) -- Stryve Foods, LLC
(“Stryve” or “the Company”), an emerging healthy snack platform
disrupting traditional snacking categories, today announced that it has
appointed Scott McCombs as Chief Financial Officer, effective immediately.

Mr. McCombs is an entrepreneurial, innovative, and dynamic executive with
finance, merchandising, and operations expertise across multiple verticals in
both publicly traded and privately held companies. Mr. McCombs spent
approximately 16 years at 7-Eleven, Inc., which operates, franchises, and
licenses 71,100 convenience stores in 17 countries. At 7-Eleven, Mr. McCombs
held senior leadership roles, including Vice President, Finance where he was
responsible for Financial Planning and Analysis, Merchandise & Operations
Finance, Pricing, and Business Intelligence. In this position, he modernized
cost of goods management and space planning across US Operations.

From 2013-2015, Mr. McCombs served as Senior Finance Leader of Merchandise
Operations Finance and Business Intelligence for the Fresh & Easy and Wild
Oats Organics brands, owned by Yucaipa Private Equity.

Mr. McCombs most recently served as Senior Vice President, Finance &
Operations for CBRE Commercial Real Estate, where he led a team of finance and
business operations leaders within the United States, Canada and Latin America
with a combined revenue of over $7 billion. During his tenure, he was
recognized as both the 2019 DCEO Magazine Most Innovative CFO Team Award
Winner and CBRE Leadership Award recipient.

He holds a Bachelor in Business Administration, Summa Cum Laude, from Boston
University School of Management and is a member of the Institute of Management
Accountants (IMA).

Joe Oblas, Co-CEO and Co-Founder of Stryve, stated, “Scott is a fantastic
addition to our team and we look forward to benefiting from his
well-established credentials and experience as he elevates our finance
function to an even higher level of excellence. Throughout his extensive
career, he has demonstrated effective leadership across a number of different
industries and has made impressive contributions along the way. We are
impressed with his skill-set and are confident in his ability to help us build
a stronger organization that can disrupt traditional snacking categories.”

Scott McCombs, Chief Financial Officer of Stryve, added, “I am thrilled to
be back in the CPG and Retail space and as a runner and user of protein
snacks, I am so pleased to become a part of Stryve’s leadership team. This
is a transformative time for me to join the Company as it works to complete
the business combination agreement with Andina and is on the cusp of reaching
positive Adjusted EBITDA. I am particularly excited by Stryve’s accelerated
growth strategy that capitalizes on favorable better snacking trends along
with the considerable whitespace for health-driven innovation in what remains
a large, fragmented category with underdeveloped channels. I am eager to do my
part to help Americans snack better and live happier, more fulfilling

Business Combination Agreement with Andina Acquisition Corp. III
On January 28, 2021, Stryve and Andina Acquisition Corp. III (NASDAQ:
“ANDA”) (“Andina”), a publicly-traded special purpose acquisition
company, announced a definitive agreement for a business combination that
would result in Stryve becoming a public company. Upon closing of the
transaction, the combined company will be renamed Stryve Foods, Inc. and is
expected to remain listed on the NASDAQ under the ticker SNAX.

The transaction values the combined company at an enterprise value of $170
million and is expected to provide approximately $67 million in gross cash
proceeds to the Company. As part of the transaction, Andina and Stryve raised
over $50 million of fully committed capital.

The business combination is expected to close in the second quarter of 2021.
The combined company will be named Stryve Foods, Inc. and remain listed on the
NASDAQ under ticker SNAX.

The Companies previously hosted a joint webcast to discuss their proposed
transaction. Interested parties may listen to the webcast and view the
investor presentation with more detailed information regarding the proposed
transaction at under “Investors” or at under “Investor Relations”.

About Stryve Foods, LLC
Stryve Foods is an emerging healthy snacking platform with a mission to help
Americans snack better and live happier, better lives. The Company is focused
on manufacturing and marketing highly differentiated healthy snacks that
disrupt traditional snacking categories.

Stryve is currently building a tribe of early adopters consisting of healthy
snack seekers, many of whom are new to the meat snack category. Stryve Beef
Biltong is a delicious, good-for-you snack made from 100% American beef –
high in protein with 0g sugar and made from nothing artificial. Founded by
fitness and nutrition enthusiasts, Stryve Biltong is on a mission to help
America snack better. Biltong is a process for air-drying meat that originated
centuries ago in South Africa and actually boasts more protein in every bite
than traditional jerky. It is made simply –with beef, vinegar and spices –
and served in slices, sticks or slabs. Stryve Beef Biltong comes in a variety
of delicious flavors, including Original, Cajun, Hickory, Mesquite BBQ,
Teriyaki, Zesty Garlic, Hatch Green Chile, and Spicy Peri. Stryve is available
on, Amazon and over 17,000 retail stores across the U.S.
and Canada.

About Andina Acquisition Corp. III
Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) is a blank check
company for the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or similar
business combination with one or more businesses or entities. For information
about Andina, please visit

Forward Looking Statements
Certain statements made in this press release are “forward-looking
statements” within the meaning of the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
may be identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and
other similar expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward-looking
statements reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution must be
exercised in relying on forward-looking statements. Due to known and unknown
risks, actual results may differ materially from Andina’s or Stryve’s
expectations or projections. The following factors, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the definitive
agreement for the business combination between Andina and Stryve (the
“Business Combination Agreement”); (ii) the ability of the combined
company to meet Nasdaq listing standards following the transaction and in
connection with the consummation thereof; (iii) the inability to complete the
transactions contemplated by the Business Combination Agreement due to the
failure to obtain approval of the stockholders of Andina or other reasons;
(iv) the failure to meet the minimum cash requirements of the Business
Combination Agreement due to Andina stockholder redemptions and one or more
defaults by the investors in the private placement, and failing to obtain
replacement financing; (v) costs related to the proposed transaction; (vi)
changes in applicable laws or regulations; (viii) the ability of the combined
company to meet its financial and strategic goals, due to, among other things,
competition, the ability of the combined company to pursue a growth strategy
and manage growth profitability; (vii) the possibility that the combined
company may be adversely affected by other economic, business, and/or
competitive factors; (viii) the effect of the COVID-19 pandemic on Andina and
Stryve and their ability to consummate the transaction; and (ix) other risks
and uncertainties described herein, as well as those risks and uncertainties
discussed from time to time in other reports and other public filings with the
Securities and Exchange Commission (the “SEC”) by Andina.

Additional information concerning these and other factors that may impact
Andina’s expectations and projections can be found in Andina’s periodic
filings with the SEC, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2019, the definitive proxy statement filed by Andina
with the SEC on January 4, 2021 wherein Andina sought and obtained stockholder
approval to extend the date by which Andina has to consummate its initial
business combination to April 30, 2021 (which has since been extended to July
31, 2021 as a result of Andina signing the Business Combination Agreement)
(the “Extension Proxy”), and in the preliminary and definitive proxy
statements to be filed by Andina with the SEC regarding the transaction when
available. Andina’s SEC filings are available publicly on the SEC's website

The foregoing list of factors is not exclusive. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which speak only as
of the date made. Neither Andina nor Stryve undertakes or accepts any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its expectations or any
change in events, conditions or circumstances on which any such statement is
based, subject to applicable law.

No Offer or Solicitation
This press release is for informational purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy any securities
pursuant to the proposed transactions or otherwise, nor shall there be any
sale of securities in any jurisdiction in which the offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities shall be made
except by means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.

No Assurances
There can be no assurance that the transactions described herein will be
completed, nor can there be any assurance, if such transactions are completed,
that the potential benefits of combining the companies will be realized. The
description of the transactions contained herein is only a summary and is
qualified in its entirety by reference to the definitive agreements relating
to the transactions, copies of which will be filed by Andina with the SEC as
an exhibit to a Current Report on Form 8-K.

Important Information about the Transactions and Where to Find It
In connection with the transactions described herein, Andina will file
relevant materials with the SEC, including a Form S-4 registration statement
that will include a proxy statement of Andina that constitutes a prospectus
for Andina and a definitive proxy statement for Andina’s shareholders.
Promptly after filing the registration statement with the SEC, Andina will
mail the registration statement and a proxy card to each shareholder entitled
to vote at the special meeting relating to the business combination and
registration/proxy statement, the definitive registration/proxy statement and
other relevant materials in connection with the transactions (when they become
available), and any other documents filed by Andina with the SEC, may be
obtained free of charge at the SEC’s website (

Participants in Solicitation
Andina and Stryve and their respective directors, executive officers and other
members of their management and employees, under SEC rules, may be deemed to
be participants in the solicitation of proxies of Andina’s stockholders in
connection with the proposed transaction. Investors and security holders may
obtain more detailed information regarding the names, affiliations and
interests in Andina of directors and officers of Andina in Andina’s Annual
Report on Form 10-K for the year ended December 31, 2019 which was filed with
the SEC on March 27, 2020, and in Andina’s Extension Proxy, which was filed
with the SEC on January 4, 2021. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of proxies to
Andina’s security holders in connection with the proposed transaction will
be set forth in the registration statement/proxy statement for the proposed
transaction when available. Other information regarding the interests of the
participants in the proxy solicitation will be included in the proxy
statement/prospectus pertaining to the proposed transactions when it becomes
available. These documents can be obtained free of charge from the sources
indicated above.

Investor Relations Contact:
Raphael Gross, (203) 682-8253

Media Relations Contact:
Cory Ziskind, (646) 277-1232

GlobeNewswire, Inc. 2021
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