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January 29, 2021: 12:00 AM EST
The Plano, Texas-based company that specializes in protein-rich, low-sugar, dried beef snacks announced it will merge with publicly traded Andina Acquisition Corp. III (NASDAQ: ANDA) to become a public company listed on NASDAQ under the ticker symbol SNAX. The companies say they have agreements with institutional investors for an oversubscribed common stock private-investment-in-public equity (PIPE) of $42.5 million at $10 a share. Stryve also borrowed $10.6 million from investors “for general working capital purposes.” The bridge note for the loan will convert into common stock prior to closing. Stryve’s so-called “disruptive” snack platform features air-dried meats, mostly beef, including biltong from South Africa and carne seca from Latin America. Air-drying meat vs. cooking, as is done with beef jerky, yields a product that has 40-50 percent more protein per serving than beef jerky, the company claims. Stryve’s meat snacks are made with 100 percent uncooked beef, contain no sugar, monosodium glutamate (MSG), gluten, nitrates, nitrites, or preservatives and are keto- and paleo-diet friendly.
"Stryve Foods LLC, an Emerging Healthy Snacking Platform, to list on NASDAQ through business combination with Andina Acquisition Corp. III", Globe Newswire , January 29, 2021, © GlobeNewswire, Inc
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