Emmac Life Sciences Limited signed a non-binding letter of intent to acquire Andina Acquisition Corp. III (NasdaqCM:ANDA) in a reverse merger transaction on July 22, 2020. Under the terms of the transaction, Emmac Life Sciences Limited’s shareholders will roll over all of their equity in Emmac Life Sciences Limited into the combined public company. As consideration for the transaction, Emmac Life Sciences Limited shareholders would collectively own a majority of the equity of the combined public company. Upon completion transaction, Emmac Life Sciences Limited would become a publicly traded company on the NASDAQ Stock Market. Emmac Life Sciences Limited’s executive team, led by Chairman Lorne Abony, Chief Executive Officer Antonio Costanzo, Chief Financial Officer Thomas Ellen, and Chief Operating Officer Tom Rooke, would continue leading the combined company. The transaction is subject to, among other matters, the completion of due diligence, the negotiation and execution of a definitive agreement for the business combination, satisfaction of the conditions negotiated therein, approval of the two companies’ Boards and shareholder approvals, as well as other customary conditions. As of October 8, 2020, the Board is proposing to extend the date by which the Andina Acquisition must consummate an initial business combination from October 31, 2020 (or December 31, 2020 if Andina Acquisition has executed a definitive agreement for a business combination by October 31, 2020), to January 31, 2021 (or April 30, 2021 if Andina Acquisition has executed a definitive agreement for a business combination by January 31, 2021). The extraordinary general meeting of Andina Acquisition Corp. III shareholders will be held on October 28, 2020. Cowen is acting as financial advisor while Ellenoff Grossman & Schole LLP acted as legal advisor to Andina Acquisition Corp. III. Stifel is acting as financial advisor while Winston & Strawn LLP acted as legal advisor to Emmac Life Sciences Limited. Morrow Sodali LLC acted proxy solicitor for Andina Acquisition.