Alliance Entertainment Announces 597 New Employee Shareholders Under Its 2023 Omnibus Equity Incentive Plan
10 Octobre 2023 - 2:31PM
Alliance Entertainment Holding Corporation (Nasdaq: AENT)
(“Alliance Entertainment”, “Company”), a distributor and wholesaler
of the world’s largest in stock selection of music, movies, video
games, electronics, arcades, toys and collectibles, today announced
100% vestment of equity grants to 597 employees under its 2023
Omnibus Equity Incentive Plan, establishing an employee-owned
company.
On June 15, 2023, Alliance Entertainment issued
an aggregate of 468,400 shares of Class A Common Stock into a
reserve for unvested restricted shares pursuant to the Company’s
2023 Omnibus Equity Incentive Plan. All employees hired on or
before February 13, 2023, were granted Restricted Stock Awards and
all of the shares granted to 597 employees were fully vested on
October 4, 2023.
Employees celebrated the significant milestone
of becoming owners of our company by wearing Alliance Entertainment
t-shirts boasting employee ownership.
Bruce Ogilvie, Chairman of Alliance
Entertainment, commented, “Our Equity Incentive Plan represents our
goal to unite all employees around our mission by offering a share
in the Company’s future. As an employee-owned company we believe we
can further improve business performance and reward employees for
their hard work and commitment. The plan is a part of our
Environmental, Social & Governance (ESG) initiatives, including
creating and sustaining a safe, diverse and inclusive working
environment for our employees. We were excited to celebrate this
milestone along with 597 truly deserving employees for all that
they do to drive value for our customers, and their efforts to
build Alliance’s leadership as the premier distributor of music,
movies, video games, electronics, arcades, toys and
collectibles.”
About Alliance
Entertainment
Alliance Entertainment (NASDAQ: AENT) is a
premier distributor of music, movies, and consumer electronics. We
offer over 375,000 unique in stock SKU’s, including over 57,300
exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and
video games. Complementing our vast media catalog, we also stock a
full array of related accessories, toys and collectibles. With more
than thirty-five years of distribution experience, Alliance
Entertainment serves customers of every size, providing a robust
suite of services to resellers and retailers worldwide. Our
efficient processing and essential seller tools noticeably reduce
the costs associated with administrating multiple vendor
relationships, while helping omni-channel retailers expand their
product selection and fulfillment goals. For more information,
visit www.aent.com.
Forward Looking Statements
Certain statements included in this Press
Release that are not historical facts are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of other financial and
performance metrics and projections of market opportunity. These
statements are based on various assumptions, whether identified in
this Press Release, and on the current expectations of Alliance’s
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
an investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Alliance. These forward-looking statements
are subject to a number of risks and uncertainties, including risks
relating to the anticipated growth rates and market opportunities;
changes in applicable laws or regulations; the ability of Alliance
to execute its business model, including market acceptance of its
systems and related services; Alliance’s reliance on a
concentration of suppliers for its products and services; increases
in Alliance’s costs, disruption of supply, or shortage of products
and materials; Alliance’s dependence on a concentration of
customers, and failure to add new customers or expand sales to
Alliance’s existing customers; increased Alliance inventory and
risk of obsolescence; Alliance’s significant amount of
indebtedness; Our ability to continue as a going concern absent
access to sources of liquidity; risks and failure by Alliance to
meet the covenant requirements of its revolving credit facility,
including a fixed charge coverage ratio; risks that a breach of the
revolving credit facility, including Alliance’s recent breach of
the covenant requirements, could result in the lender declaring a
default and that the full outstanding amount under the revolving
credit facility could be immediately due in full, which would have
severe adverse consequences for the Company; known or future
litigation and regulatory enforcement risks, including the
diversion of time and attention and the additional costs and
demands on Alliance’s resources; Alliance’s business being
adversely affected by increased inflation, higher interest rates
and other adverse economic, business, and/or competitive factors;
geopolitical risk and changes in applicable laws or regulations;
risk that the COVID-19 pandemic, and local, state, and federal
responses to addressing the pandemic may have an adverse effect on
our business operations, as well as our financial condition and
results of operations; substantial regulations, which are evolving,
and unfavorable changes or failure by Alliance to comply with these
regulations; product liability claims, which could harm Alliance’s
financial condition and liquidity if Alliance is not able to
successfully defend or insure against such claims; availability of
additional capital to support business growth; and the inability of
Alliance to develop and maintain effective internal controls.
For investor inquiries, please
contact:MZ GroupChris Tyson/Larry
Holub(949) 491-8235AENT@mzgroup.us
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/123a4aa1-c6fb-4865-9750-978748edb8dd
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