Andina Acquisition Corp. III Announces Intention to Adjourn Extraordinary General Meeting of Shareholders for Approving an Extension of the Deadline Related to Consummating its Initial Business Combination
Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, ANDAU) has postponed the shareholder vote to extend the deadline for a business combination from October 31, 2020, to January 31, 2021. The adjourned meeting will not conduct other business, and the new meeting details will be announced soon. Additionally, the redemption deadline for ordinary shares is also extended, with further information to come. This decision is critical as it affects Andina's timeline for completing a potential merger or acquisition, aligning with strategic goals.
- Postponement allows for more time to negotiate a solid business combination.
- Extension gives shareholders a chance to reevaluate their options regarding redemption.
- Further delay in business combination could impact investor confidence.
- Uncertainty surrounding shareholder approval could lead to potential volatility.
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 board of directors has determined to postpone the vote by its shareholders on 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”).
As a result of such decision, the Company intends to convene and then adjourn, without conducting any other business, the extraordinary general meeting originally scheduled on October 28, 2020. The new meeting time and date for shareholders to vote on the Proposed Extension will be announced separately.
In connection with the foregoing development, Andina will also extend the deadline for holders of its ordinary shares to submit their shares for redemption. The new deadline for redemption will be announced separately along with the new meeting time and date. Shareholders who wish to withdraw their redemption request may do so by requesting that the transfer agent return such shares prior to the new meeting.
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 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 reason for Andina's shareholder meeting postponement?
What is the new deadline for Andina's business combination?
How will the postponement affect shareholders of ANDA, ANDAW, ANDAU?
When will Andina announce the new meeting date for shareholders?
What happens if shareholders do not approve the extension?
