Alliance Entertainment Holding, a wholesaler and distributor of entertainment products, raised $4 million by offering 1.3 million shares at $3, as expected. The company offered 0.3 million fewer shares than anticipated. The IPO float is just 2.6% of basic shares outstanding.
Because the company raised less than $5 million, Alliance Entertainment will be excluded from Renaissance Capital's 2023 IPO stats.
Alliance Entertainment went public in February 2023 through a merger with NYSE American-listed SPAC Adara Acquisition. Upon the closing of the business combination, the company was delisted from the NYSE American to the OTC (RC SPAC profile ticker: AENT.XX).
Alliance is a global wholesaler, direct-to-consumer distributor, and e-commerce provider for the entertainment industry. The company acts as a gateway between branded manufacturers of entertainment content, such as Universal Pictures and Walt Disney Studios, and retailers in the US and internationally, including Walmart, Amazon, and Best Buy, among others. Alliance currently sells the products that it is allowed to export in more than 100 countries, with an inventory of more than 425,000 SKUs consisting of vinyl records, video games, CDs, DVDs, Blu-Rays, toys, and collectibles.
Alliance Entertainment Holding plans to list on the Nasdaq under the symbol AENT. ThinkEquity acted as sole bookrunner on the deal.
