CORRECTING and REPLACING Adara Acquisition Corp. Announces Pricing of $100 Million Initial Public Offering
February 08 2021 - 6:39PM
Business Wire
Please replace the release with the following corrected version
due to multiple revisions.
The release reads:
ADARA ACQUISITION CORP. ANNOUNCES PRICING OF
$100 MILLION INITIAL PUBLIC OFFERING
Adara Acquisition Corp. (the “Company”), a newly incorporated
blank check company, today announced the pricing of its initial
public offering of 10,000,000 units at a price of $10.00 per unit.
The units will be listed on the NYSE American stock exchange (“NYSE
American”) and trade under the ticker symbol “ADRA.U” beginning
February 9, 2021. Each unit consists of one share of the Company’s
Class A common stock and one-half of one redeemable warrant, each
whole warrant entitling the holder thereof to purchase one share of
Class A common stock at a price of $11.50 per share. Only whole
warrants are exercisable and will trade. Once the securities
comprising the units begin separate trading, shares of the Class A
common stock and warrants are expected to be listed on the NYSE
American under the symbols “ADRA” and “ADRA.WS,” respectively.
The Company’s sponsor, Adara Sponsor LLC, is led by cbdMD, Inc.
(NYSE American: YCBD, YCBDpA) and Blystone & Donaldson,
LLC.
The Company is led by its Chairman, Thomas Finke (former
Chairman and CEO of Barings LLC), its CEO and director, Martin A.
Sumichrast (Co-CEO of cbdMD, Inc.), and its director, W. Tom
Donaldson (founder of Blystone & Donaldson). In addition to
Messrs. Finke, Sumichrast and Donaldson, the Company’s Board of
Directors also include Frank Quintero, Dylan Glenn and Beatriz
Acevedo-Greiff.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. While the Company may pursue an initial business
combination target in any industry, it currently intends to
concentrate its search for a target business operating in the
consumer products and related industries.
ThinkEquity, a division of Fordham Financial Management, Inc.,
is acting as sole book-running manager. The Company has granted the
underwriters a 45-day option to purchase up to an additional
1,500,000 units at the initial public offering price to cover
over-allotments, if any.
The offering is being made only by means of a prospectus, copies
of which may be obtained by contacting ThinkEquity, a division of
Fordham Financial Management, Inc., 17 State Street, 22nd Floor,
New York, New York 10004, by telephone at (877) 436-3673 or by
email at prospectus@think-equity.com.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission (the
“SEC”) on February 8, 2021. This press release shall not constitute
an offer to sell or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
proposed initial public offering. No assurance can be given that
the offering discussed above will be completed on the terms
described, or at all. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement and preliminary prospectus for
the Company's offering filed with the SEC. Copies of these
documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation
to update these statements for revisions or changes after the date
of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210208005877/en/
cbdMD, Inc. John Weston Director of Investor Relations
John.Weston@cbdMD.com (704) 249-9515
cbdMD (AMEX:YCBD)
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