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Alliance Entertainment Announces Closure of Public Spaces

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PLANTATION, Fla., July 5, 2023 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (NASDAQ: AENT ) (“Alliance Entertainment”, the “Company”) is the world’s largest music, film inventory distributor The distributor and wholesaler, video game, electronics, arcade and collectibles company today announced the public offering of 1,335,000 shares of Alliance Entertainment’s Class A common stock at $3.00 each, for gross proceeds of approximately $4 million. Less underwriting discounts and distribution fees. The company has granted the underwriters a 45-day option to purchase up to 200,250 additional shares of Class A common stock at the public offering price less an underwriting discount to cover the over-allotment.

The company expects to use the net proceeds of the offering for working capital and general corporate purposes.

ThinkEquity is acting as sole book-running manager for the offering.

A registration statement on Form S-1 (File No. 333-271219) relating to the securities was filed with the Securities and Exchange Commission (“SEC”) and became effective on June 29, 2023. The offering is by way of a prospectus only. The final prospectus was filed with the SEC on June 30, 2023 and is available on the SEC website at: http://www.sec.gov Or from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

About Union Entertainment

Alliance Entertainment is a major distributor of music, movies and consumer electronics. We offer more than 425,000 unique inventory SKUs, including more than 57,300 exclusive discs, vinyl records, DVDs, Blu-ray Discs and video games. Complementing our extensive media catalog we also stock a full range of related accessories, toys and collectibles. With over thirty-five years of distribution experience, Alliance Entertainment serves clients of all sizes, offering a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools significantly reduce the costs associated with managing multiple supplier relationships, while helping omnichannel retailers expand product selection and fulfillment goals.For more information, please visit www.aent.com.

forward-looking statement

Certain statements contained in this press release that are not historical facts are forward-looking statements that are intended to comply with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often accompanied by words such as “believes,” “may,” “will,” “estimates,” “continues,” “anticipates,” “intends,” “expects,” “should,” “would,” “plans,” “Predicts,” “potential,” “seems,” “seeks,” “future,” “outlook” and similar expressions that predict or indicate future events or trends, or are not statements of historical events. These forward-looking statements include, but Without limitation, statements regarding estimates and forecasts of other financial and performance measures and forecasts of market opportunities. These statements are based on various assumptions (whether or not identified in this press release) and the current expectations of the league’s management and are not forecasts of actual performance These forward-looking statements are made for illustrative purposes only and are not intended to be, and should not be relied upon by, investors as guarantees, guarantees, predictions, or express statements of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from those assumed Varies. Many actual events and circumstances are beyond the control of the Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks related to expected growth rates and market opportunities; changes in applicable laws or regulations; the performance of the Alliance in enforcing its the capabilities of its business model, including the market acceptance of its systems and related services; the Alliance’s reliance on a centralized supplier of its products and services; the Alliance’s increased costs, supply disruptions, or shortages of products and materials; Alliance’s reliance on customer concentration, not Ability to add new customers or expand sales to Alliance’s existing customers; Increased Alliance inventory and obsolescence risk; Alliance’s substantial debt; our ability to continue as a going concern without access to sources of liquidity; Alliance’s failure to meet its revolving credit the risk and failure of the covenant requirements of the arrangement, including fixed fee coverage; the risk of breaches of the revolving credit facility, including the alliance’s recent breach of covenant requirements, which could result in the lender declaring default and the entire outstanding amount under the revolving credit facility could be fully charged immediately Consequences to the Company that would have a material adverse effect on the maturity of amounts due; Known or future litigation and regulatory enforcement risks, including diversion of time and attention and additional costs and demands on Alliance resources; the adverse effects of increased inflation, rising interest rates and other adverse economic, business and/or competitive factors; geopolitical risks and changes in applicable laws or regulations; the COVID-19 pandemic and local, state and federal responses to the pandemic that may affect The risk of an adverse effect on our business operations and our financial condition and results of operations; changing substantive regulations, and the Alliance’s adverse changes or failure to comply with such regulations; product liability claims, if Alliance is unable to successfully pursue such claims Defending or insuring, could impair Alliance’s financial condition and liquidity; additional capital is available to support business growth; and Alliance is unable to develop and maintain effective internal controls.

no offer or solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute the sale of any securities in any state or jurisdiction in which such an offer, solicitation or solicitation is made prior to registration sale would be unlawful or qualified under the securities laws of such other jurisdiction.

For investor inquiries, please contact:
Mingze Group
Chris Tyson/Larry Holub
(949)491-8235
AENT@mzgroup.us

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