Adara Acquisition Corp. (now Alliance Entertainment Holding Corporation) (ADRA)

Adara Acquisition Corp. was a special purpose acquisition company, a blank check firm created to merge with a private business and take it public. Its units, shares and warrants traded on the NYSE American, with the common stock under the symbol ADRA. Adara was based in Charlotte, North Carolina and was led by chairman and chief executive Thomas Finke. Like other SPACs, it held the proceeds of its public offering in a trust account until a deal was completed.

In 2022 Adara agreed to combine with Alliance Entertainment, a large wholesale distributor of music, movies, video games, consumer electronics and collectibles. The transaction valued Alliance at about $480 million. Adara shareholders approved the deal at a meeting on January 18, 2023. The merger closed shortly afterward, and the combined company was renamed Alliance Entertainment Holding Corporation.

Following the closing, the securities left the NYSE American and were quoted over the counter, initially still under the ADRA symbol. The ticker changed to AENT effective March 20, 2023. In mid-2023 the company completed a small public offering and listed its shares on the Nasdaq Capital Market under AENT. ADRA quotes therefore now correspond to AENT.

Alliance Entertainment distributes physical media and pop culture products to retailers and provides e-commerce fulfillment for online sellers. It carries hundreds of thousands of products and works with major studios, record labels and game publishers. Direct-to-consumer and fulfillment services make up a large share of its sales. The company has pursued exclusive distribution deals and acquisitions to grow its catalog.