Alliance Entertainment, a distributor and wholesaler of music, movies, video games, electronics, arcades, and collectibles, and Adara Acquisition Corp., a special purpose acquisition corporation, have completed the previously announced business combination which was approved at an extraordinary general meeting of Adara’s shareholders on January 18. Beginning on February 13, Alliance Entertainment’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 Acquisition Corp. has been delisted from the NYSE American. Alliance Entertainment also intends to seek to list on the Nasdaq Capital Market as soon as practicable after the close of the business combination and subject to satisfying the conditions for initial listing. Chairman Bruce Ogilvie and CEO Jeff Walker will continue to lead the combined company, along with its current management team. This transaction values Alliance Entertainment at approximately $480M. "We believe that today’s milestone combined with our strong revenue growth, expanding customer base and product offering, and several successful acquisitions, will help accelerate our future expansion initiatives. Alliance Entertainment today is well positioned to continue to capitalize on shifts towards eCommerce and Omni-Channel strategies, especially with retailers and manufacturers vastly increased reliance on their DTC, or Direct to Consumer, fulfillment and distribution partners. We are at an inflection point that now positions us to execute a multi-prong growth strategy that we expect will deliver a double-digit revenue growth rate with strong cash generation to the bottom line," said Jeff Walker, CEO of Alliance Entertainment.
Published first on TheFly
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