The board of directors of ADC Acquisition Corporation, a blank-cheque company backed by a member of the Abu Dhabi royal family, has agreed to raise the firm’s capital and change its name to E7 Group.
The company will increase the issued shared capital to around AED524 million ($142.6 million), from AED499 million through the issuance of mandatory convertible bonds worth AED25 million, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Wednesday.
The company will also amend its activities to include printing and publication.
Last September, ADC Acquisition agreed to acquire ADQ’s Abu Dhabi-based United Printing & Publishing (UPP). The deal will merge ADC with UPP.
ADC was set up as the UAE’s first Special Purpose Acquisition Company (SPAC) by Chimera Investments and state investment fund ADQ, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president. Chimera is part of Royal Group, Sheikh Tahnoon’s private investment conglomerate.
The company completed its private investment in public equity (PIPE) bookbuild last October, raising AED734 million, with total gross demand in excess of AED8 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)