Adara Acquisition Reports Approval of Amendment to Stock Incentive Plan

On November 7, 2024, Adara Acquisition held its 2024 Annual Meeting of Stockholders where important decisions were made regarding the company’s future. Alliance Entertainment Holding Corporation, the parent company, announced that at the meeting, stockholders gave their approval for an amendment, designated as Amendment No. 1, to the 2023 Omnibus Equity and Incentive Plan. This amendment entails increasing the previously authorized shares of Class A common stock available for issuance under the 2023 Plan from 600,000 shares to 1,000,000 shares.

The specifics of this amendment were detailed in the Definitive Proxy Statement, particularly under “PROPOSAL NO. 2: APPROVAL OF AN AMENDMENT TO THE 2023 OMNIBUS EQUITY AND INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES OF CLASS A COMMON STOCK AVAILABLE THEREUNDER FROM 600,000 SHARES OF CLASS A COMMON STOCK TO 1,000,000 SHARES OF CLASS A COMMON STOCK.” The complete text of Amendment No. 1 can be referenced in Exhibit 10.1 of the Current Report on Form 8-K, which is included as an appendix to the Definitive Proxy Statement.

In addition to this, matters pertaining to the election of directors were voted on during the meeting. Stockholders were presented with two key proposals and the results were as follows:

– Proposal No. 1: To elect two Class I directors resulted in unanimous votes for the nominees, W. Tom Donaldson III and Chris Nagelson.
– Proposal No. 2: Approval of the amendment to the 2023 Plan received overwhelming support with 108,822,979 votes for, 15,112 votes against, and 949 votes withheld.

The summary of the meeting’s outcomes is outlined in the Definitive Proxy Statement, indicating the shareholders’ disposition towards the proposals tabled during the Annual Meeting.

Moving forward, Alliance Entertainment Holding Corporation aims to implement the approved changes to strengthen its stock incentive plan, aligning it with the current and future strategic goals of the company.

The company’s completion of these important corporate actions reflects its commitment to transparency and responsiveness to the needs and expectations of its shareholders and stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Adara Acquisition’s 8K filing here.

Adara Acquisition Company Profile

Adara Acquisition Corp. 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.