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Emirates News Agency – ADC Acquisition Corporation shares to begin trading on ADX

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ABU DHABI, 27th May, 2022 (WAM) — ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investment, an Abu Dhabi-based private investment company that manages a diversified portfolio of listed and unlisted equities. listed on local and international markets. markets, today announced that the shares and warrants of co-established SPAC, ADC Acquisition Corporation (ADC), begin trading on the Abu Dhabi Stock Exchange (ADX) under the symbol ‘ADC’ ( shares) and ‘ADCW’ (warrants).

The trading follows the conclusion of ADC’s public subscription to retail and professional investors, which commenced on May 12 and raised a total of AED367 million through an initial public offering (IPO) of 36.7 million shares at an offer price of AED 10 per share.

ADC was created by ADQ and Chimera Investment as SPAC to identify and acquire one or more companies. In its search for acquisition opportunities, ADC aims to identify scalable companies with strong management teams.

ADC’s listing offers target companies the opportunity to access capital on the Abu Dhabi Capital Markets using an alternative method to the conventional IPO process. These companies will also benefit from the extensive multi-sector expertise and combined network of ADQ and Chimera Investment.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ and Chairman of ADC, said, “The UAE’s first SPAC represents a major endorsement of Abu Dhabi as an anchored financial center with strong market principles and a capital raising potential. Not only will ADC strengthen Abu Dhabi Capital Markets in Abu Dhabi, but private companies will also have the opportunity to benefit from pursuing new transactions in a simpler and much more efficient way.

“Ultimately, we aim to improve the business environment in Abu Dhabi and help make the UAE capital a premier hub for private companies seeking to go public.”

Syed Basar Shueb, President of Chimera Investment and Vice President of ADC, said, “Through ADC, we will be able to channel liquidity to regional businesses, provide faster and cheaper access to capital markets and to offer investors the opportunity to tap into this new and highly dynamic space in the UAE while benefiting from greater transparency and world-class operational and market expertise.”

Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said, “ADC’s listing on ADX highlights the pioneering role our exchange has played in creating an environment that supports the evolving needs of issuers and investors. Harnessing global best practices, the UAE’s SPAC regulatory framework will provide international investors with unique growth opportunities in a stable economic environment. Our pipeline of new listings and IPOs remains strong, and in the coming months we will launch more innovative products and services to improve market liquidity. ”

As the first SPAC in the United Arab Emirates, ADC aims to focus on companies based or having their main activities in the United Arab Emirates and the Middle East and North Africa (MENA) region. While ADC is open to pursuing an acquisition opportunity across all sectors and industries, SPAC will particularly seek scalable companies with revenue streams supported by numerous growth engines with strong long-term fundamentals, transformational technologies, experienced management teams and attractive pricing, which would offer upside potential and benefit from access to the public market.

ADX was the first market in the region to introduce comprehensive listing rules under the SPAC regulatory framework, which was issued by the UAE Securities and Commodities Authority (SCA) in February 2022.