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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.

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FAQ

What is Adara Acquisition Corp.?

Adara Acquisition Corp. is a special purpose acquisition company (SPAC) focused on mergers, share exchanges, asset acquisitions, and other similar business combinations.

What is the proposed business combination with Alliance Entertainment?

The proposed business combination involves Adara merging with Alliance Entertainment, a leading distributor of music, movies, video games, electronics, and collectibles, to make Alliance a publicly traded company.

What are the benefits of the business combination for Alliance Entertainment?

The merger will provide Alliance Entertainment with up to $117 million in cash, enhance its market position, allow for further investments in automation and software, and support growth initiatives.

How will the business combination affect shareholders?

Shareholders are encouraged to vote 'FOR' the proposals at the Extraordinary General Meeting. If approved, the business combination will make Alliance Entertainment publicly traded under the ticker symbols 'AENT' and 'AENT.WS'.

What recent achievements has Alliance Entertainment made?

Alliance Entertainment has installed an advanced AutoStore ASRS system at its Kentucky warehouse and extended its distribution agreement with the Criterion Collection, among other accomplishments.

What does Alliance Entertainment offer?

Alliance Entertainment offers over 485,000 unique in-stock SKUs, including exclusive compact discs, vinyl LP records, DVDs, Blu-rays, video games, and a full array of related accessories, toys, and collectibles.

Who are the key leaders of Adara Acquisition Corp.?

Adara Acquisition Corp. is led by CEO Thomas Finke and includes board members such as Frank Quintero, Dylan Glenn, and Beatriz Acevedo-Greiff.

When is the Extraordinary General Meeting scheduled?

The Extraordinary General Meeting is scheduled to be held virtually on January 18, 2023, at 10:00 a.m. EST.

How can shareholders vote?

Shareholders can vote by submitting their proxies via Internet or mail by January 17, 2023. Instructions are available in the Proxy Statement and on the proxy card.

What is the significance of the AutoStore ASRS system?

The AutoStore ASRS system improves order picking efficiency and reduces labor costs, enhancing Alliance Entertainment's ability to handle increased inventory and fulfillment demands.

ADRA

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