Adara Acquisition restates financials for 2021, citing IPO proceeds classification error

ALLIANCE ENTERTAINMENT HOLDING CORP

Audit Committee concluded audited balance sheet as of Feb 11, 2021 and Q1-Q3 2021 financials should no longer be relied upon.
Error: IPO proceeds previously classified as equity must be reclassified as Class A common stock subject to possible redemption.
Material weakness identified in internal controls over financial reporting; restated financials to be filed in 10-Q/A.
Consultation with auditor Withum; restatement follows SEC Staff guidance on accounting for SPAC IPO proceeds.

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