Alliance Entertainment Announces Ticker Symbol Change to 'AENT' Effective March 20, 2023

PLANTATION, Fla.--(BUSINESS WIRE)--Alliance Entertainment Holding Corporation (OTC: ADRA) ("Alliance Entertainment," "Company"), a distributor and wholesaler of the world's largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced that, effective at the opening of trading on March 20, 2023, the Company's common stock and warrants will be quoted on the OTC under the ticker symbol "AENT" and "AENTW," respectively. The CUSIP number for the shares will change to 01861F102 and the CUSIP number for the warrants will change to 01861F110. Concurrent with the ticker change, the Company's trading name on the OTC will change from "Adara Acquisition Corp." to "Alliance Entertainment Holding Corporation."

No action is required by the Company's shareholders or warrant holders as a result of these changes.

Bruce Ogilvie, Chairman of Alliance Entertainment, commented, "Moving to a new stock ticker and trading name now aligns with our corporate identity and enhances our visibility with investors and provides consistent recognition across all our stakeholders."

About Alliance Entertainment

Alliance Entertainment is a premier distributor of music, movies, and consumer electronics. We offer 485,000 unique in stock SKU's, including over 57,300 exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and video games. Complementing our vast media catalog, we also stock a full array of related accessories, toys and collectibles. With more than thirty-five years of distribution experience, Alliance Entertainment serves customers of every size, providing a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools noticeably reduce the costs associated with administrating multiple vendor relationships, while helping omni-channel retailers expand their product selection and fulfillment goals. For more information, visit www.aent.com.

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Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to Alliance Entertainment's business, customer growth and other business milestones.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Alliance Entertainment's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance Entertainment.

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These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to the music, video, gaming, and entertainment industry, including changes in entertainment delivery formats; global economic conditions; the effects of competition on Alliance Entertainment's future business; risks related to fulfilment network; risks related to expansion and the strain on Alliance Entertainment's management, operational, financial, and other resources; risks related to operating results and growth rate; risks related to Alliance Entertainment's high levels of debt, including risks of covenant breaches; and those factors discussed in Adara Acquisition Corp.'s definitive proxy statement/prospectus filed with the SEC on December 12, 2022 under the heading "Risk Factors," and Alliance Entertainment's Current Report on Form 8-K filed on February 13, 2023 and other documents of Alliance Entertainment filed, or to be filed, with the SEC.

Contacts

For investor inquiries, please contact:
MZ Group
Chris Tyson/Larry Holub
(949) 491-8235
AENT@mzgroup.us

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