Andina Acquisition Corp. III Announces Adjournment of the Extraordinary General Meeting of Shareholders for Approving an Extension of the Deadline Related to Consummating its Initial Business Combination

Rhea-AI Summary

Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, ANDAU) announced a shareholder vote to adjourn a meeting regarding the proposed extension for completing a business combination. The deadline for the business combination has been moved from October 31, 2020, to January 31, 2021, with a possible further extension to April 30, 2021. The record date for voting remains September 28, 2020. Shareholders can still redeem their shares until 5:00 p.m. ET on October 28, 2020. The company encourages shareholders to review the definitive proxy statement for detailed information.

Positive

• Shareholders have been given more time to consider a business combination, extending the deadline to January 31, 2021.
• The adjournment allows shareholders an opportunity to redeem shares before the new deadline.

Negative

• The extension indicates potential challenges in finalizing a business combination by the original deadline.
• Uncertainties remain regarding shareholder approval and future business transaction outcomes.

NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) (“Andina” or the “Company”) today announced that the Company’s shareholders have voted to adjourn the meeting for the consideration of extending the date by which Andina must consummate a business combination from October 31, 2020 (or December 31, 2020 if Andina has executed a definitive agreement for a business combination by October 31, 2020) to January 31, 2021 (or April 30, 2021 if Andina has executed a definitive agreement for a business combination by January 31, 2021) (the “Proposed Extension”) to a later date or dates to be determined by the Company’s board of directors. Upon shareholders’ approval of the adjournment, the Company’s board of directors has determined to adjourn the extraordinary general meeting of its shareholders to vote on the Proposed Extension to 4:00 p.m. Eastern Time on Friday, October 30, 2020.

The record date for the shareholders meeting to vote on the Proposed Extension remains the close of business on September 28, 2020 (the “Record Date”). Shareholders who have previously submitted their proxy or otherwise voted and who do not want to change their vote need not take any action. Shareholders as of the Record Date can vote, even if they have subsequently sold their shares.

In connection with the foregoing developments, Andina has extended the deadline for holders of its ordinary shares to submit their shares for redemption in connection with the Proposed Extension to 5:00 p.m. Eastern Time on Wednesday, October 28, 2020. Shareholders who wish to withdraw their previously submitted redemption request may do so prior to the rescheduled meeting by requesting that the transfer agent return such shares.

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/

Additional Information and Where to Find It
Andina urges investors, stockholders and other interested persons to read, when available, the definitive proxy statement filed on October 8, 2020 (the “Extension Proxy Statement”), as well as other documents filed by Andina with the Securities and Exchange Commission (the “SEC”), because these documents will contain important information about Andina and the Proposed Extension. The definitive proxy statement for the Proposed Extension was also mailed to shareholders of Andina as of a record date of September 28, 2020 on or about October 9, 2020. Shareholders may obtain copies of the proxy statement, when available, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Andina Acquisition Corp. III, Calle 113 #7-45 Torre B, Oficinia 1012, Bogota, Colombia.

Participants in Solicitation
Andina and its directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies of Andina shareholders in connection with the Proposed Extension. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Andina’s directors and Officers in the Extension Proxy Statement, which may be obtained free of charge from the sources indicated above.

Non-Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Extension and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Andina, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or 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.

Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to Andina’s shareholder approval of the Proposed Extension, Andina’s inability to enter into a definitive agreement with respect to a business combination transaction or to complete the transactions by the deadline set forth under its amended and restated memorandum and articles of incorporation and other risks and uncertainties indicated from time to time in filings with the SEC, including Andina’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 under the heading “Risk Factors” and other documents Andina has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Andina expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Andina’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

ICR
Investor Relations:
Raphael Gross, (203) 682-8253
raphael.gross@icrinc.com

Media Relations:
Cory Ziskind, (646) 277-1232
cory.ziskind@icrinc.com

Keil Decker, (646) 677-1854
keil.decker@icrinc.com

FAQ

What is the significance of the adjournment announced by Andina Acquisition Corp. III on October 28, 2020?

The adjournment allows more time for shareholders to consider the proposed extension for completing a business combination, now moved to January 31, 2021.

What is the new deadline for Andina to complete a business combination?

The new deadline is January 31, 2021, with a potential extension to April 30, 2021.

What is the record date for voting on the proposed extension by Andina Acquisition Corp. III?

The record date for voting remains September 28, 2020.

When is the shareholders meeting rescheduled for Andina Acquisition Corp. III?

The meeting is rescheduled for October 30, 2020, at 4:00 p.m. Eastern Time.

What are the implications of the redemption deadline extension for shareholders of Andina?

Shareholders are allowed to redeem their shares until 5:00 p.m. ET on October 28, 2020, providing flexibility before the rescheduled meeting.