Andina Acquisition Corp. announced that it and an affiliate of A. Lorne Weil , Andina's non-executive chairman of the board, have entered into an agreement with a third party shareholder of Andina pursuant to which the Holder will use commercially reasonable efforts to purchase up to 1,000,000 ordinary shares of Andina in the open market and has agreed that it will not seek conversion or redemption of any such purchased shares in connection with the previously announced proposed merger with Tecnoglass S.A. and C.I. Energia Solar S.A. E.S. Windows (Tecnoglass). In a release on Dec. 20 , the Company said that pursuant to the agreement, the Insider has agreed to transfer to the Holder 2.19888 warrants to purchase ordinary shares of Andina for each share purchased by the Holder. EarlyBirdCapital, Inc. , financial advisor to Andina , has also agreed to transfer to the Holder up to 90,000 unit purchase options, each to purchase one ordinary share and one warrant to purchase one ordinary share, based on the number of shares purchased by the Holder. Andina has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the warrants and shares underlying the warrants, as well as the unit purchase options and underlying securities. In the event the registration statement is not filed by April 1, 2014 or declared effective by June 1, 2014 , Andina will be required to pay the Holder a cash penalty of $0.20 per warrant transferred to the Holder for each month until the registration statement has been filed or declared effective, as the case may be. Andina expects that the Insider and other officers and directors of Andina (or their affiliates or designees) may enter into other similar agreements prior to the extraordinary general meeting of shareholders held to approve the Merger. Additionally, information regarding the foregoing will be available in a Current Report on Form 8-K that will be filed by Andina with the Securities and Exchange Commission . Additional information regarding the Meeting and the proposed merger is available in the Definitive Proxy Statement filed by Andina with the Securities and Exchange Commission on Dec. 4 , a copy of which may be accessed, free of charge, at sec.gov . Andina advises holders of its ordinary shares to move these securities into accounts which do not permit the lending of securities, so called cash accounts or segregated accounts, and out of accounts that permit the lending of securities, such as margin accounts. These steps are designed to ensure that votes related to ordinary shares beneficially owned by shareholders are properly counted. Beneficial owners of ordinary shares that have been lent out (either with or without the beneficial owners' knowledge) are not permitted to vote those shares. Tecnoglass is a manufacturer of hi-spec, architectural glass and windows. ((Comments on this story may be sent to email@example.com ))
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