Adara Acquisition, a blank check company targeting the consumer products industry and related sectors, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The Charlotte, NC-based company plans to raise $100 million by offering 10 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Adara Acquisition will command a market value of $125 million.
The company is led by Chairman Thomas Finke, who has served as CEO of Barings LLC since 2008 and was previously the CIO of MassMutual Life Insurance, and CEO Martin Sumichrast, who is Co-CEO of consumer cannabidiol company cbdMD and Managing Director of SFT1 and Washington Capital. Adara intends to focus on businesses in the consumer products industry and related sectors, including health and wellness, e-commerce, discretionary spending, and information technology, that are valued between $150 million and $500 million.
Adara Acquisition was founded in 2020 and plans to list on the NYSE American under the symbol ADRA.U. ThinkEquity is the sole bookrunner on the deal.
