Alliance Entertainment Holding Corporation, the largest wholesaler of movies, music, electronics, video games, arcades, and collectibles in the U.S., and Adara Acquisition Corp., a special-purpose acquisition corporation, recently announced that Adara's definitive proxy statement regarding the business combination has been filed with U.S. Securities and Exchange Commission.
For the organization to become a publicly-traded company, filing the definitive proxy statement is crucial. The goal is to list the company on New York Stock Exchange American when the transaction closes. The deal is anticipated to deliver up to $117 million in cash held in trust, minus any deferred underwriting commissions, transaction costs, and redemptions by Adara's public shareholders who exercise their redemption rights, as was previously discussed.
Adara will start mailing the proxy statement, which includes a notice and a form for voting instructions or a proxy card, to Adara shareholders before the meeting of the shareholders. The Extraordinary General Meeting, to be held virtually, will commence on January 18, 2023.
The parties anticipate that this business combination will close soon if the proposals at the Extraordinary General Meeting are approved, subject to the fulfillment or waiver, as applicable, of all other closing conditions. When closing, the combined entity will be listed under the ticker symbols 'AENT' and 'AENT.WS.' on New York Stock Exchange American.
To guarantee that their shares will be represented at the Extraordinary General Meeting, Adara shareholders must vote before 11:59 p.m. on January 17, 2023. Besides, the shareholders can submit their proxies via the internet or mail.
On June 23, 2022, Alliance Entertainment held a virtual analyst day presentation to outline an anticipated timeline for the business combination with Adara. Chairman of Alliance Entertainment Bruce Ogilvie and CEO Jeff Walker discussed the proposed deal and gave an update on the company's operations.
About Alliance Entertainment
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Alliance Entertainment is the leading wholesale distributor of audio and video software for home entertainment in the United States in addition to being an experienced distribution channel for apparel, hardware, and accessories. The company delivers the highest level of service in eCommerce fulfillment (CDF), vendor-managed inventory systems, category captain analysis and processes, traditional retail distribution, and 3PL functions.