Adara Acquisition Corp. and Alliance Entertainment Announce Filing of Definitive Proxy Statement and the January 18, 2023, Extraordinary General Meeting to Vote on Business Combination

CHARLOTTE, North Carolina and SUNRISE, Florida–(COMMERCIAL WIRE)–Adara Acquisition Corp. (“Adara”) (NYSE American: ADRA, ADRA.U, ADRA.WS), a special purpose acquisition corporation, and Alliance Entertainment Holding Corporation (“Alliance Entertainment”), a distributor and wholesaler of the world’s largest selection of music, motion pictures, video games, electronics, arcade and collectibles securities, today announced that Adara’s definitive proxy statement (the “Proxy Statement”) in connection with the business combination previously announced proposal (the “Business Combination”) with Alliance Entertainment was filed with the US Securities and Exchange Commission (the “SEC”) on December 12, 2022.

The filing of the definitive proxy statement is an important step in Alliance Entertainment becoming a publicly traded company, with the goal of listing on the New York Stock Exchange upon closing of the transaction. As previously announced, the Business Combination is expected to deliver up to $117 million in cash in trust, less deferred underwriting fees, transaction expenses and redemptions by Adara’s public shareholders exercising such rights.

Adara will begin mailing the Proxy Statement, which contains a notice and voting instruction form or proxy card relating to Adara’s extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) to Adara shareholders recorded at the close of business. in…