Andina Acquisition Corporation Completes Initial Public Offering
Andina Acquisition Corporation (Nasdaq: ANDAU) (the “Company”) announced today that it has completed its initial public offering of 4,000,000 units. Each unit consists of one ordinary share and one warrant. The units were sold at an offering price of $10.00 per unit, generating gross proceeds of $40,000,000 to the Company. EarlyBirdCapital, Inc. acted as the lead managing underwriter of the initial public offering. Graubard Miller acted as U.S. counsel to the Company, Maples and Calder acted as Cayman Islands counsel to the Company and Loeb & Loeb LLP acted as counsel to the underwriters. Copies of the final prospectus relating to the offering may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus relating to the offering may be obtained from EarlyBirdCapital, Inc., 275 Madison Avenue, 27th Floor, New York, NY 10016, Attn: Aimee Bloch, 212-661-0200.
The Company also announced the simultaneous consummation of the private sale of 4,800,000 warrants at a price of $0.50 per warrant and of a purchase option to purchase 500,000 units at a price of $500,000, generating total proceeds of $2,900,000. The private warrants, which were purchased by certain of the initial shareholders of the Company and Graubard Miller, are identical to the warrants included in the units sold in the initial public offering except that the private warrants will not be redeemable by the Company so long as they are still held by the initial purchasers or their permitted transferees. The purchasers have agreed that the private warrants will not be sold or transferred by them (except to certain permitted transferees) until after the Company has completed an initial business combination. The purchase option was sold to EarlyBirdCapital, Inc. The units issuable upon exercise of the purchase option are identical to the units sold in the public offering, except that the warrants included in the units are not redeemable so long as they are held by EarlyBirdCapital, Inc. or its affiliates. The purchase option is exercisable for $10.00 per unit, and may be exercised on a cashless basis. The purchase option is exercisable commencing on the later of a business combination by the Company and March 16, 2013, and expires on March 15, 2017.
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