Adara Acquisition Corp. (NYSE American: ADRA) announced this afternoon that it has closed its combination with physical media distributor Alliance.
Adara shareholders approved the combination on January 18, but submitted redemption requests to redeem approximately 99.043% of the SPAC’s trust, or 11.39 million shares of Class A common stock, out of the 11.5 million outstanding shares.
As a result, Adara was left with approximately 110K shares remaining and it is unlikely that it will be able to satisfy the NYSE American Stock Exchange listing requirements. The initial terms of the deal included certain conditions, such as listing the combined company’s securities on a national exchange and a $15 million minimum cash requirement, however, it appears those have been resolved.
Beginning on February 13, the combined company’s shares and warrants will be quoted on the OTC under the ticker symbols “ADRA” and “ADRA WS”, respectively. Concurrent with Alliance Entertainment’s OTC quotation, Adara has been delisted from the NYSE American. Alliance Entertainment intends to list on the Nasdaq as soon as practicable after the deal closes and subject to satisfying the conditions for an initial listing.
The parties initially announced the $480 million combination on June 23, 2022. Sunrise, Florida-based Alliance distributes DVDs, CDs, video games, and other consumer goods to retailers, managing inventory for large clients.
Chairman Bruce Ogilvie and CEO Jeff Walker will continue to lead the combined company, along with its current management team.
ADVISORS
- ThinkEquity LLC is serving as financial advisor to Adara.
- Loeb & Loeb LLP is serving as legal advisor to Alliance Entertainment.
- Blank Rome LLP is serving as legal advisor to Adara.
Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...