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 lives.”
Business Combination Agreement with
Andina Acquisition Corp. IIIOn 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
www.stryve.com under “Investors” or at www.andinaacquisition.com
under “Investor Relations”.
About Stryve Foods, LLCStryve
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
https://stryve.com/, Amazon and over 17,000 retail stores across
the U.S. and Canada.
About Andina Acquisition Corp.
IIIAndina 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/
Forward Looking
StatementsCertain 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 at www.sec.gov.
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 SolicitationThis
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 AssurancesThere 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 ItIn 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 related matters. INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS (INCLUDING
ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT
DOCUMENTS IN CONNECTION WITH THE TRANSACTIONS THAT ANDINA WILL FILE
WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT ANDINA, STRYVE AND THE BUSINESS
COMBINATION. The preliminary 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
(www.sec.gov).
Participants in
SolicitationAndina 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.
Contact:ICRInvestor Relations
Contact:Raphael Gross, (203) 682-8253raphael.gross@icrinc.com
Media Relations Contact:Cory Ziskind, (646)
277-1232cory.ziskind@icrinc.com
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