1 unchanged sentence
Market Information
−Removed: Our units, common stock and warrants are traded on the NYSE American under the symbols “ADRA.U”, “ADRA” and “ADRA.WS”, respectively.
−Removed: Although there are a larger number of beneficial owners, at March 24, 2022, there were one holder of record of our units, one holder of record of our separately traded common stock and 21 holders of record of our separately traded warrants.
−Removed: We have not paid any cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
−Removed: The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination.
−Removed: The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time.
−Removed: In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future.
−Removed: Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
+Added: Our Class A common stock and warrants are quoted on the OTC Pink Open Market under the symbols “ADRA” and “ADRAW”, respectively.
+Added: Any over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
+Added: Although there are a larger number of beneficial owners, at March 29, 2023, there were 39 holders of record of our Class A common stock and 39 holders of record of our warrants.
+Added: We have not paid any cash dividends on the Class A common stock to date.
+Added: We may retain future earnings, if any, for future operations, expansion and debt repayment, and we have no current plans to pay cash dividends for the foreseeable future.
+Added: Any decision to declare and pay dividends in the future will be made at the discretion of the Board and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that we may deem relevant.
+Added: We do not anticipate declaring any cash dividends to holders of the Class A common stock in the foreseeable future.
+Added: Further, our ability to declare dividends may be limited by the terms of financing or other agreements entered into by us or our subsidiaries from time to time.
Securities Authorized for Issuance Under Equity Compensation Plans
+Added: The information included in under the heading “ Equity Plans ” in Item 12 of Part III of this annual report is hereby incorporated by reference into this Item 5 of Part II of the annual report.
Recent Sales of Unregistered Securities;
Use of Proceeds from Registered Offerings
−Removed: For a description of the use of the proceeds generated in our IPO, see Part II, Item 2 of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021.
−Removed: There has been no material change in the planned use of the proceeds from the Company’s IPO and private placement as is described in the Company’s final prospectus, dated February 8, 2021.
−Removed: Selected Financial Data.
−Removed: Not required for a smaller reporting company.
+Added: We had no sales of unregistered equity securities during the period covered by this annual report that were not previously reported in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.
+Added: On February 11, 2021, we consummated our initial public offering of 11,500,000 units, including 1,500,000 over-allotment units.
+Added: The units were sold at an offering price of $10.00 per unit, generating total gross proceeds of $11.5 million.
+Added: The securities in the offering were registered under the Securities Act on a registration statement on Form S-1 (No.
+Added: The SEC declared the registration statement effective on February 8, 2021.
+Added: We paid approximately $1.1 million in underwriting discounts and commissions, including $60,189.18 in deferred underwriting commissions upon the Closing of the Business Combination, and $529,462 million for other offering costs related to the initial public offering.
+Added: Of the gross proceeds received from our initial public offering, the full exercise of the over-allotment option and the sale of private placement warrants in connection with the initial public offering, $116.15 million was placed in a trust account.
+Added: After deducting payments to existing stockholders of approximately $116.6 million in connection with their exercise of redemption rights, the remaining balance immediately prior to the Closing of approximately $1.7 million remained in the trust account.
+Added: The remaining amount in the trust account were used to fund the Closing and related transaction expenses.
+Added: Issuer Purchases of Equity Securities
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