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Adara Acquisition Corp. (NYSE American: ADRA, ADRA.U, ADRA.WS) is a publicly traded special purpose acquisition company (SPAC) focused on effecting mergers, share exchanges, asset acquisitions, stock purchases, recapitalizations, reorganizations, or other similar business combinations. Recently, Adara has filed a definitive proxy statement with the SEC for a proposed business combination with Alliance Entertainment Holding Corporation. Alliance Entertainment is a premier distributor and wholesaler offering the world's largest in-stock selection of music, movies, video games, electronics, arcades, and collectibles. This merger, expected to deliver up to $117 million in cash held in trust, aims to make Alliance Entertainment a publicly traded company listed on the NYSE American under the ticker symbols 'AENT' and 'AENT.WS.'
Adara, led by CEO Thomas Finke and its board of directors, including Frank Quintero, Dylan Glenn, and Beatriz Acevedo-Greiff, recommends that shareholders vote 'FOR' all proposals at the upcoming Extraordinary General Meeting. The business combination is poised to enhance Alliance's ability to provide a vast array of services to resellers and retailers worldwide. With more than thirty-five years of distribution experience, Alliance serves customers of every size, providing an efficient processing and essential seller tools that help reduce costs associated with managing multiple vendor relationships.
Recent achievements include the installation of an advanced AutoStore ASRS system at Alliance's Kentucky warehouse. This system streamlines order fulfillment with robots that travel over a surface grid to pick up totes containing the required products. Additionally, Alliance has secured partnerships, such as extending their distribution agreement with the Criterion Collection, showcasing their commitment to delivering high-quality media content.
The proposed merger, expected to close shortly after the January 18, 2023 meeting, will enhance Alliance Entertainment’s market position, foster growth, and enable further investments in automation and proprietary software. This strategic move aligns with the company’s vision of becoming a leader in the eCommerce and Omni-Channel retail space.
Alliance Entertainment announced the release of a new limited-edition collectible, Funko Pop! Rocks: Iron Maiden – Eddie Glow in the Dark 4pk. This follows the quick sell-out of a previous edition, which has become highly sought after in the secondary market. The VP of Consumer Products, Tony Moyers, highlighted its appeal to collectors and independent music retailers. Alliance, a major distributor with over 485,000 SKUs, aims to enhance its product offerings and expand its market presence. Additionally, the merger with Adara Acquisition Corp. is expected to complete in Q4 2022.
Alliance Entertainment Holding Corporation, a leading distributor of music, movies, and consumer electronics, will participate in the ROTH 11th Annual Technology Event on
Mill Creek Entertainment, a division of Alliance Entertainment Holdings, has signed a licensing agreement with The Nacelle Company to distribute a range of content in the physical marketplace. This includes nearly 1,000 hours of stand-up comedy from notable comedians such as Jim Gaffigan and Tiffany Haddish, alongside popular series and documentaries like Icons Unearthed: Star Wars. The partnership is positioned to enhance Mill Creek's library, establishing it as a leader in premium comedy content.
Alliance Entertainment Holding Corporation announced its participation in two major conferences: the MicroCap Rodeo Windy City Roundup Conference in Chicago on October 12-13, 2022, and The ThinkEquity Conference in New York City on October 26, 2022. The company will hold one-on-one meetings and presentations, which can be accessed via www.adaraspac.com. Alliance Entertainment plans to go public through a merger with Adara Acquisition Corp. (NYSE: ADRA, ADRAU), expected to close in Q4 2022.
Alliance Entertainment Holding Corporation has announced a partnership with MUBI, a distributor and streaming service focused on visionary cinema. This collaboration allows Alliance to enhance its distribution portfolio by offering MUBI's curated film selections, starting with the release of Decision to Leave from director Park Chan-wook in US theaters on
Alliance Entertainment will host an Investor Day on
Alliance Entertainment has successfully sold its exclusive Funko Pop! Animation: Naruto 2 Pack featuring Hashirama and Tobirama, with all 28,000 units selling out in less than an hour on August 25, 2022. Scheduled for shipment in mid-November, this collectible aligns with the company’s strategy to cater to anime fans, following the success of a previous Naruto exclusive that sold over 100,000 units. Additionally, Alliance is set to merge with Adara Acquisition Corp. (NYSE: ADRA), expected to finalize in Q4 2022, transitioning to trading under the ticker AENT.
Alliance Entertainment Holding Corporation announced an expansion of its line of credit to $225 million from $175 million, facilitated by Bank of America and partners. This asset-based loan aims to support operations related to accounts receivable and inventory purchases. Furthermore, on June 23, 2022, Alliance revealed plans to go public through a merger with Adara Acquisition Corp. (NYSE: ADRA, ADRA.U), expected to close in Q4 2022, with the combined entity to be traded as AENT.
Alliance Entertainment has announced the acquisition of Think 3Fold, a distributor specializing in toys and collectibles, closing on July 1, 2022. This acquisition aims to enhance Alliance's product offerings and expand its sales channels, particularly with established vendors like McFarlane and Bandai. The partnership will leverage Think 3Fold's existing relationships and features in major retailers, such as Walmart, to boost revenues. Alliance Entertainment is also set to merge with Adara Acquisition Corp. (NYSE: ADRA), expecting to trade under the ticker 'AENT' after the merger's completion in Q4 2022.
Adara Acquisition Corp. (NYSE: ADRA) has signed a definitive agreement to merge with Alliance Entertainment, a leading distributor of entertainment products. Alliance generated annualized revenue of $1.4 billion and adjusted EBITDA of $76 million as of March 31, 2022. The transaction will enable further investments into automation and growth. It implies a pro forma equity value of approximately $480 million and is expected to close in Q4 2022, pending approvals. The combined entity will be listed under the symbol 'AENT' on NYSE American.
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