NEW YORK and PLANO, TEXAS – Andina Acquisition Corp., a special purpose acquisition company (SPAC), completed a merger with meat snack maker Stryve. The new entity will be called Stryve Foods Inc. and will begin trading on NASDAQ under the SNAX and SNAXW symbols on or about July 21.

The transaction included a concurrent private placement of $53.4 million, including subscriptions for $42.5 million of Class A common stock, payable in cash, and subscriptions for $10.9 million Class A common stock payable by the offset of principal and accrued interest under outstanding bridge notes issued by Stryve as part of the merger.

In a joint statement, Joe Oblas, co-founder and co-chief executive officer of Stryve, and Jaxie Alt, co-CEO and chief marketing officer, said, “This milestone event brings us one step closer towards achieving our mission of helping Americans snack better and live happier and more fulfilling lives, but there is still so much more we can accomplish.

“As Stryve begins this new chapter as a public company, we are more eager than ever to deepen our penetration within existing channels, and expand our SKUs on shelf, and build upon our already strong e-commerce momentum,” Oblas and Alt said. “As our revenues continue to grow, Stryve’s investments in people, infrastructure and vertical integration will pay significant dividends for the business.”

Oblas and Alt will continue to lead the company along with their executive leadership team that includes Alex Hawkins, chief operating officer and chief financial officer. Ted Casey, a co-founder of Stryve, is chairman of the board of the directors.

“Andina is pleased to announce the closing of our business combination with Stryve,” Luke Weil, chairman of the board of directors of Andina, and Julio A. Torres, CEO of Andina, said in a joint statement. “Jaxie, Joe, Alex and the Stryve team are truly changing the way Americans snack. Our belief is that Stryve is poised for rapid growth and value creation thanks to their visionary and highly capable leadership. We look forward to seeing Stryve’s continued positive disruption of traditional snacking categories along with its realization of platform expansion opportunities.”

Stryve’s product portfolio of air-dried meat snacks are sold under the Stryve, Kalahari, Braaitime and Vacadillos brands. The snacks are made of beef and spices and are free from monosodium glutamate (MSG), gluten, nitrates, nitrites and preservatives.

The company distributes its products via major retailers, primarily in North America, including grocery, club stores and other retail outlets. Direct-to-consumer sales are made through its e-commerce websites and Amazon.