Andina and EMMAC previously announced that they had signed a non-binding letter of intent (the “LOI”) relating to the proposed business combination on July 22, 2020. The completion of the business combination was subject to, amongst other matters, the negotiation and execution of a definitive agreement for the business combination, and despite significant efforts by all parties involved and progress towards the completion, particularly against the challenging global economic conditions, it was not possible to finalize the negotiations to the satisfaction of both parties.
Both parties wish to thank the respective management teams and advisers for the work done over the last four months and wish each other continued success in their pursuit of new opportunities.
About Andina Acquisition Corp. III
Andina 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/
About EMMAC Life Sciences Limited
EMMAC Life Sciences Limited is Europe’s largest independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMAC’s vision is to bring the life-enhancing potential of cannabis to the people who need it. For more information about EMMAC, please visit https://www.emmac.com/
Luke Weil serves as executive chairman of the board of Andina III. He was the chairman of Andina II and CEO of Andina I. Prior to this, from 2008 to 2013, Luke Weil headed international business development for Scientific Games Corporation in Latin America where, among other responsibilities, he oversaw business acquisitions in the region. From 2004 to 2006, Luke Weil was an associate and then junior partner at Business, Strategies, & Insight, a government relations and business consulting firm. He started his career as an investment banker at Bear Stearns.
Julio Torres is CEO and a member of the board of directors of Andina III. He also served as CEO of Andina II from 2016 to 2018 and co-CEO of Andina I from 2011 to 2013. Since 2013, Julio has been a managing partner at Multiple Equilibria Capital, a financial advisory firm. From 2008 to 2013, he was managing director of the private equity firm Nexus Capital Partners. Prior to this, he served with the Colombian Ministry of Finance as Director General of Public Credit and the Treasury from 2006 to 2008. Julio has also worked at other premier financial institutions such as JP Morgan Chase. He is currently a board member of Tecnoglass Inc. (Nasdaq: TGLS), Tuscany Oil Holdings Ltd., Banco Serfinanza S.A., Financiera de Desarrollo Nacional, and Colombia Telecomunicaciones.
For EMMAC Life Sciences Limited
Buchanan
Media Enquiries:
Henry Harrison-Topham / Jamie Hooper / Ariadna Peretz
Tel: +44 (0) 20 7466 5000
emmac@buchanan.uk.com
For Andina Acquisition Corp. III
Marjorie Hernandez
Andina Acquisition Corp. III
+1 646-320-9058
maya@andacq.com
