Adara Acquisition Corp. Announces Closing of $115 Million Initial Public Offering
February 11 2021 - 2:56PM
Business Wire
Adara Acquisition Corp. (the “Company”), a newly incorporated
blank check company, today announced that it closed its initial
public offering of 11,500,000 units, including 1,500,000 sold
pursuant to the full exercise of the underwriters’ over-allotment
option, at $10.00 per unit. Total gross proceeds from the offering
were $115,000,000, before deducting underwriting discounts and
commissions and other offering expenses. The Company’s units are
listed on the NYSE American stock exchange (“NYSE American”) and
began trading under the ticker symbol “ADRA.U” on February 9,
2021.
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 includes Frank Quintero, Dylan Glenn and Beatriz
Acevedo-Greiff.
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 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.,
acted as sole book-running manager.
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 initial
public offering. 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 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/20210211005863/en/
cbdMD, Inc. John Weston Director of Investor Relations
John.Weston@cbdMD.com (704) 249-9515
cbdMD (AMEX:YCBD)
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