Abu Dhabi, UAE: 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 bookbuild 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.

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About ADC Acquisition Corporation

ADC Acquisition Corporation PJSC was the first Special Purpose Acquisition Company (SPAC) to be listed in the UAE.

About UPP

Established in 2006 in Abu Dhabi, UAE, UPP is a leading company operating across three key segments: secure and commercial printing, distribution, and packaging. UPP has a strong track-record of utilizing best-in-class technology to create customized solutions for customers. Today, the company is expanding its services and capabilities in secure printing and packaging domains, further strengthening its position as an integrated services provider to customers including governments, enterprises and financial institutions.

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Ajith Henry
Head of FS & Capital Markets
FTI Consulting
Ajith.henry@fticonsulting.com

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