On January 28, 2021, Andina III and Stryve Foods LLC announced a definitive agreement for a business combination expected to close in 2Q 2021. The transaction will be funded by a combination of Andina’s cash held in its trust account, a full equity roll-over from existing Stryve ownership, and a $42.5 million PIPE investment. Stryve also raised $10.6 million through the sale of unsecured convertible bridge notes. The transaction implies a post-money enterprise valuation for the combined company of approximately $170 million at closing, or 3.7x/1.8x projected 2021/2022 estimated revenue. It is anticipated that the combined company will receive $58 million of net cash proceeds.

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 disrupting the meat snack category through its air-dried meat products including biltong, which originated in South Africa, and carne seca, which originated in Latin America. However the company is looking expand into a broader portfolio of healthy snack options.