Thu 12-10-2023 22:20 PM
ABU DHABI, 12th October, 2023 (WAM) – ADC Acquisition Corporation PJSC (“ADC”), the UAE’s first Special Purpose Acquisition Company (“SPAC”), established by ADQ and Chimera Investments, today announced that the business combination with United Printing & Publishing Sole Proprietorship LLC (“UPP”), and the PIPE transaction, initially announced on 19 September 2023, were approved at its General Assembly convened on 12 October 2023.
At the General Assembly, ADC’s shareholders approved the issuance of 62,300,000 new Class A shares in ADC to ADQ in exchange for ADQ’s transfer of the entire issued share capital of UPP to ADC. The new shares will be issued at a rate of AED 10.00 per share, each having a nominal value of AED 2.50, and will be fully paid. The book-build for the PIPE transaction was completed on 3 October 2023, with ADC set to issue 73.4 million new Class A shares at a price of AED 10.00 per share to the PIPE subscribers.
With AED 1.1 billion of proceeds from the SPAC and PIPE fundraising, UPP will be well positioned to accelerate organic and inorganic growth.