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Consumer SPAC Adara Acquisition prices $100 million IPO

February 9, 2021
ADRA.U

Adara Acquisition, a blank check company targeting the consumer products industry and related sectors, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by Chairman Thomas Finke, whose previously served as CEO of Barings LLC and CIO of MassMutual Life Insurance, and CEO and Director 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 plans to list on the NYSE American under the symbol ADRA.U. ThinkEquity acted as a lead manager on the deal.