Andina Acquisition Corp. and Tecnoglass S.A. have announced that Tecnoglass will become a public company under a merger agreement with Andina, “with the current owners of Tecnoglass retaining majority ownership and control.”
“As announced on December 4, 2013, all shareholders of record as of November 22, 2013 are entitled to vote at Andina’s Extraordinary General Meeting of Shareholders in person or by proxy to approve, among other things, the proposed business combination between Andina and Tecnoglass,” write the companies. “The meeting will be held on Friday, December 20, 2013, at 9 a.m. ET at the offices of Graubard Miller, 405 Lexington Avenue, New York City.”
Andina had announced an agreement last August under the privately-held Tecnoglass S.A. and C.I. Energia Solar S.A. E.S. Windows (sister companies under common management, collectively known as Tecnoglass) under which Tecnoglass would become a subsidiary of Andina.
Additionally, Andina announced that it projects the company will achieve revenue of $260.9 million for the year ending December 31, 2014, adjusted EBITDA of $42.7 million and net income of $16.9 million.
“Tecnoglass’ projections for 2014 reflect better than forecasted growth in key markets, particularly the United States,” write the companies.