![\"Entertainment](\"https:\/\/www.digitalmusicnews.com\/wp-content\/uploads\/2022\/10\/new-york-stock-exchange-delists-spac-the-music-acquisition-corporation-article.jpg\" "\\"Entertainment\\"")
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Photo Credit: Ken Lund \/ CC by 2.0<\/p>\n<\/div>\n
Entertainment Earlier this week, alliance<\/a> Entertainment completed<\/a> its merger with a special purpose acquisition company (SPAC) \u2013 while also revealing that it wouldn\u2019t list on the NYSE after all. Now, the deal has failed to generate the initially anticipated capital.<\/h2>\nThat Alliance Entertainment wouldn\u2019t be trading on the New York Stock Exchange came to light in an official release late last week, just before the Florida-based media retailer confirmed that it had merged with the Adara Acquisition Corp. According to this announcement message, published specifically by the NYSE American, Adara\/Alliance had \u201cfailed to satisfy the requirements for initial listing following a business combination.\u201d<\/span><\/p>\nAlliance touched upon the development in a release<\/a> of its own, concerning the initially mentioned completion of the Adara merger, and made clear plans to pursue a NASDAQ listing.<\/p>\n\u201cConcurrent with Alliance Entertainment\u2019s OTC quotation,\u201d the more than three-decade-old company wrote, \u201cAdara Acquisition Corp. has been delisted from the NYSE American. Alliance Entertainment also intends to seek to list on the Nasdaq Capital Market as soon as practicable after the close of the Business Combination and subject to satisfying the conditions for initial listing.\u201d<\/p>\n
But as Digital Music News reported, the per-share stock quotation displayed on Alliance\u2019s OTC profile plummeted during the first day of trading. Notwithstanding an almost four percent rebound from yesterday\u2019s close, Alliance stock was worth even less when the market closed today, to the tune of $3.98 per share, the same profile shows.<\/h4>\n
According to Billboard, the price decline resulted from minimal participation on the part of Adara shareholders. Those who chose to carry over their stakes into the combined company possess a cumulative total of approximately 167,000 shares, the outlet relayed, of 10 million total shares.<\/p>\n
Calculating at $10 per share for good measure, the resulting $1.67 million is insignificant when considered alongside the $480 million valuation assigned to Alliance in the leadup to the merger. The company, which reportedly achieved north of $1.4 billion in revenue during its prior fiscal year, had intended to use the SPAC merger\u2019s capital to bankroll additional acquisitions, per higher-ups.<\/p>\n
More broadly, the previously red-hot special purpose acquisition company space has cooled dramatically in recent months, and SPACs and\/or proposed SPAC deals involving Liberty Media<\/a>, SeatGeek<\/a>, The Music Acquisition Corp.<\/a>, and Triller<\/a> fell through in 2022.<\/p>\nBut select SPAC deals \u2013 those involving Middle Eastern streaming service Anghami<\/a> and Paris-headquartered streaming platform Deezer<\/a> chief among them \u2013 managed to wrap before the sector\u2019s relative collapse. Shares in each company have plummeted in the interim, though; Deezer stock (DEEZR on the Euronext Paris) finished at \u20ac2.49 per share today, compared to $2.16 per share for Anghami stock (NASDAQ: ANGH).<\/p>\n<\/section><\/div>\n
Alliance touched upon the development in a release<\/a> of its own, concerning the initially mentioned completion of the Adara merger, and made clear plans to pursue a NASDAQ listing.<\/p>\n \u201cConcurrent with Alliance Entertainment\u2019s OTC quotation,\u201d the more than three-decade-old company wrote, \u201cAdara Acquisition Corp. has been delisted from the NYSE American. Alliance Entertainment also intends to seek to list on the Nasdaq Capital Market as soon as practicable after the close of the Business Combination and subject to satisfying the conditions for initial listing.\u201d<\/p>\n According to Billboard, the price decline resulted from minimal participation on the part of Adara shareholders. Those who chose to carry over their stakes into the combined company possess a cumulative total of approximately 167,000 shares, the outlet relayed, of 10 million total shares.<\/p>\n Calculating at $10 per share for good measure, the resulting $1.67 million is insignificant when considered alongside the $480 million valuation assigned to Alliance in the leadup to the merger. The company, which reportedly achieved north of $1.4 billion in revenue during its prior fiscal year, had intended to use the SPAC merger\u2019s capital to bankroll additional acquisitions, per higher-ups.<\/p>\n More broadly, the previously red-hot special purpose acquisition company space has cooled dramatically in recent months, and SPACs and\/or proposed SPAC deals involving Liberty Media<\/a>, SeatGeek<\/a>, The Music Acquisition Corp.<\/a>, and Triller<\/a> fell through in 2022.<\/p>\n But select SPAC deals \u2013 those involving Middle Eastern streaming service Anghami<\/a> and Paris-headquartered streaming platform Deezer<\/a> chief among them \u2013 managed to wrap before the sector\u2019s relative collapse. Shares in each company have plummeted in the interim, though; Deezer stock (DEEZR on the Euronext Paris) finished at \u20ac2.49 per share today, compared to $2.16 per share for Anghami stock (NASDAQ: ANGH).<\/p>\n<\/section><\/div>\nBut as Digital Music News reported, the per-share stock quotation displayed on Alliance\u2019s OTC profile plummeted during the first day of trading. Notwithstanding an almost four percent rebound from yesterday\u2019s close, Alliance stock was worth even less when the market closed today, to the tune of $3.98 per share, the same profile shows.<\/h4>\n