Alliance Entertainment and Adara Acquisition today announced the completion of their business combination, which was approved by Adara’s shareholders Jan. 18. The transaction values Alliance Entertainment at approximately $480 million.
Alliance Entertainment’s shares and warrants will be quoted on the OTC under the ticker symbols ADRA and ADRA WS starting Feb. 13.
The original plan was for Alliance join the NYSE, but after Adara redemptions exceeded 99% ahead of the merger vote, the parties were unable to meet the NYSE’s listing requirements.
Alliance now intends to seek a listing on the Nasdaq as soon as practicable and subject to satisfying the conditions for initial listing.
Alliance is a distributor and wholesaler of “the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles.” Read more.
