Andina Acquisition Corp. III and EMMAC Life Sciences Limited Announce Termination of Negotiations

Rhea-AI Summary

Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, ANDAU) and EMMAC Life Sciences Limited have mutually terminated negotiations for their proposed business combination, which aimed to make EMMAC publicly traded on NASDAQ. The initial non-binding letter of intent was signed on July 22, 2020. Despite ongoing efforts by both parties to finalize the deal amidst challenging economic conditions, they could not reach a satisfactory agreement. Both companies thanked their management teams and expressed wishes for future success.

Positive

• None.

Negative

• Termination of negotiations may lead to diminished investor confidence in Andina.
• Failed merger could impact Andina's strategy to diversify its business ventures.

NEW YORK, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) (“Andina”) and EMMAC Life Sciences Limited (“EMMAC”) announce that they have today mutually terminated negotiations regarding the proposed business combination between the parties, pursuant to which EMMAC was expected to become a publicly traded company on the NASDAQ Stock Market.

Andina and EMMAC previously announced that they had signed a non-binding letter of intent (the “LOI”) relating to the proposed business combination on July 22, 2020. The completion of the business combination was subject to, amongst other matters, the negotiation and execution of a definitive agreement for the business combination, and despite significant efforts by all parties involved and progress towards the completion, particularly against the challenging global economic conditions, it was not possible to finalize the negotiations to the satisfaction of both parties.

Both parties wish to thank the respective management teams and advisers for the work done over the last four months and wish each other continued success in their pursuit of new opportunities.

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 http://www.andinaacquisition.com/

About EMMAC Life Sciences Limited
EMMAC Life Sciences Limited is Europe’s largest independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMAC’s vision is to bring the life-enhancing potential of cannabis to the people who need it. For more information about EMMAC, please visit https://www.emmac.com/

For Andina Acquisition Corp. III
Marjorie Hernandez
Tel: +1-646-320-9058                        
maya@andacq.com

For EMMAC Life Sciences Limited
Buchanan
Media Enquiries:
Henry Harrison-Topham / Jamie Hooper / Ariadna Peretz
Tel: +44 (0) 20 7466 5000
emmac@buchanan.uk.com

FAQ

Why did Andina Acquisition Corp. III terminate negotiations with EMMAC Life Sciences?

The negotiations were terminated due to the inability to finalize a satisfactory agreement amid challenging economic conditions.

What was the purpose of the proposed business combination between Andina and EMMAC?

The business combination aimed to make EMMAC Life Sciences publicly traded on the NASDAQ Stock Market.

When was the initial letter of intent signed for the Andina and EMMAC merger?

The non-binding letter of intent was signed on July 22, 2020.

How might the termination of the Andina and EMMAC merger affect investors?

The termination may lead to decreased investor confidence in Andina and impact its strategy for future business opportunities.

What does Andina Acquisition Corp. III do?

Andina is a blank check company focused on entering into mergers or similar business combinations with various entities.