Greenshoe exercised for 200,000 more units; deal funds working capital
By Devika Patel
Knoxville, Tenn., March 30 - Andina Acquisition Corp. said that the underwriters for its initial public offering of units have elected to exercise $2 million of the 45-day greenshoe. The deal priced for $50 million with a $7.5 million greenshoe on Jan. 25 and was amended to raise $40 million with a $6 million greenshoe on March 19. The offering closed for $40 million on March 23.
The company sold 4 million units of one ordinary share and one warrant at $10.00 per unit in the offering and 200,000 units as part of the greenshoe. Each warrant is exercisable at $8.00 for three years. The units were sold on a firm-commitment basis.
EarlyBirdCapital, Inc. was the representative of the underwriters.
Proceeds will be used for working capital and expenses related to searching for a business combination.
Andina is a Bogota, Colombia, company seeking to acquire businesses in the Andean region of South America and in Central America with a principal focus on Colombia.
| Issuer: | Andina Acquisition Corp.
|
| Issue: | Units of one ordinary share and one warrant
|
| Amount: | $42 million
|
| Shares: | 4.2 million
|
| Price: | $10.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $8.00
|
| Underwriters: | EarlyBirdCapital, Inc. (lead)
|
| Pricing date: | Jan. 25
|
| Revised: | March 19
|
| Settlement date: | March 23 (for $40 million), March 30 (for $2 million)
|
| Stock symbol: | Nasdaq: ANDAU
|
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