ADRA - ADRA STOCK NEWS

Alliance Entertainment Holding Corporation (OTC: ADRA) announced a change in its trading name and ticker symbols, effective March 20, 2023. The common stock will now trade under the ticker symbol 'AENT' and the warrants under 'AENTW.' The CUSIP numbers for both have been updated accordingly. This change aims to align with the company’s identity and enhance visibility for investors. No action is required from shareholders or warrant holders regarding this update. Alliance Entertainment is a major distributor of music, movies, and consumer electronics, boasting over 485,000 unique SKUs.

Alliance Entertainment Holding Corporation and Adara Acquisition Corp. have successfully completed their business combination, approved on January 18, 2023. This merger values Alliance Entertainment at approximately $480 million and will enable it to pursue a roll-up strategy to acquire competitors and enhance market share. Post-merger, Alliance's shares will trade under the ticker 'ADRA' starting February 13, 2023, after delisting from NYSE American. Management believes the merger will drive double-digit revenue growth and strengthen Direct-to-Consumer capabilities. Current leadership, including Chairman Bruce Ogilvie and CEO Jeff Walker, will remain intact.

Mill Creek Entertainment, part of Alliance Entertainment, has signed a multi-year home entertainment licensing agreement with The Walt Disney Company. This deal enables Mill Creek to distribute select physical Blu-ray and DVD titles from major Disney content libraries, including ABC Signature and 20th Century Studios. Mill Creek aims to leverage its distribution network to enhance sales of these titles, marking a significant growth opportunity for the company. Alliance Entertainment's CEO expressed gratitude for Disney's partnership, viewing it as a validation of their distribution capabilities.

AMPED Distribution, part of Alliance Entertainment, has received 26 nominations for the 2023 Grammy Awards, showcasing its diverse range of artists across 22 categories. Highlights include Bonnie Raitt leading with four nominations for her album Just Like That, including Song of the Year. Other nominated artists under AMPED include Judy Collins, Danny Elfman, and Peter Rowan. The independent distributor aims to enhance the reach of its label partners globally, reflecting its commitment to promoting award-winning music across genres such as Rock, Blues, and Hip-Hop.

Distribution Solutions, a part of Alliance Entertainment, has renewed its distribution partnership with the Criterion Collection, focusing on physical media across the U.S. This collaboration includes inventory and financial services for Criterion's catalog, which features classic and contemporary films. Recent releases include titles like Wall-E and Malcolm X, with more upcoming. To date, over 650 titles have been distributed through this partnership, showcasing the commitment to quality in film distribution.

Alliance Entertainment has launched a new automated storage and retrieval system (ASRS) at its Kentucky warehouse, designed in partnership with AutoStore and Swisslog. This system utilizes warehouse robots for efficient order fulfillment, managing 33 million inventory pieces across 485,000 SKUs. The AutoStore system is projected to achieve a 3.5-year ROI primarily through labor savings. The fulfillment center spans 873,000 square feet and includes advanced picking and storage capabilities, significantly enhancing efficiency and capacity for future growth.

Adara Acquisition Corp. (ADRA) has scheduled an Extraordinary General Meeting for January 18, 2023, at 10:00 a.m. EST to approve a proposed business combination with Alliance Entertainment Holding Corporation. Shareholders as of December 8, 2022, are encouraged to vote their shares. The business combination aims to facilitate Alliance Entertainment's public listing on NYSE American, with an expected cash delivery of up to $117 million. Adara's board recommends voting 'FOR' the proposals. The definitive proxy statement has been filed with the SEC and shares details on the meeting and voting procedures.