GlobeNewswire Inc | Oct 28, 2020 10:45AM EDT

October 28, 2020

NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Andina Acquisition Corp. III (NASDAQ: ANDA, ANDAW, and ANDAU) (Andina or the Company) today announced that the Companys shareholders have voted to adjourn the meeting for the consideration of extending the date by which Andina must consummate a business combination from October 31, 2020 (or December 31, 2020 if Andina has executed a definitive agreement for a business combination by October 31, 2020) to January 31, 2021 (or April 30, 2021 if Andina has executed a definitive agreement for a business combination by January 31, 2021) (the Proposed Extension) to a later date or dates to be determined by the Companys board of directors. Upon shareholders approval of the adjournment, the Companys board of directors has determined to adjourn the extraordinary general meeting of its shareholders to vote on the Proposed Extension to 4:00 p.m. Eastern Time on Friday, October 30, 2020.

The record date for the shareholders meeting to vote on the Proposed Extension remains the close of business on September 28, 2020 (the Record Date). Shareholders who have previously submitted their proxy or otherwise voted and who do not want to change their vote need not take any action. Shareholders as of the Record Date can vote, even if they have subsequently sold their shares.

In connection with the foregoing developments, Andina has extended the deadline for holders of its ordinary shares to submit their shares for redemption in connection with the Proposed Extension to 5:00 p.m. Eastern Time on Wednesday, October 28, 2020. Shareholders who wish to withdraw their previously submitted redemption request may do so prior to the rescheduled meeting by requesting that the transfer agent return such shares.

About Andina Acquisition Corp. IIIAndina 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/

Additional Information and Where to Find ItAndina urges investors, stockholders and other interested persons to read, when available, the definitive proxy statement filed on October 8, 2020 (the Extension Proxy Statement), as well as other documents filed by Andina with the Securities and Exchange Commission (the SEC), because these documents will contain important information about Andina and the Proposed Extension. The definitive proxy statement for the Proposed Extension was also mailed to shareholders of Andina as of a record date of September 28, 2020 on or about October 9, 2020. Shareholders may obtain copies of the proxy statement, when available, without charge, at the SECs website at www.sec.gov or by directing a request to: Andina Acquisition Corp. III, Calle 113 #7-45 Torre B, Oficinia 1012, Bogota, Colombia.

Participants in SolicitationAndina and its directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies of Andina shareholders in connection with the Proposed Extension. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Andinas directors and Officers in the Extension Proxy Statement, which may be obtained free of charge from the sources indicated above.

Non-SolicitationThis press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Extension and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Andina, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward Looking StatementsThis press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to Andinas shareholder approval of the Proposed Extension, Andinas inability to enter into a definitive agreement with respect to a business combination transaction or to complete the transactions by the deadline set forth under its amended and restated memorandum and articles of incorporation and other risks and uncertainties indicated from time to time in filings with the SEC, including Andinas Annual Report on Form 10-K for the fiscal year ended December 31, 2019 under the heading Risk Factors and other documents Andina has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Andina expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Andinas expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact

ICRInvestor Relations:Raphael Gross, (203) 682-8253raphael.gross@icrinc.com

Media Relations:Cory Ziskind, (646) 277-1232cory.ziskind@icrinc.com

Keil Decker, (646) 677-1854keil.decker@icrinc.com