ADQ and Chimera Investments partner to launch UAE’s first SPAC on ADX

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

This announcement is not a prospectus and not an offer of securities for sale in any jurisdiction, including in or into the United States, Canada, Japan, the United Arab Emirates or Australia.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Any offer to acquire shares pursuant to the potential offering will be made, and any investor should make its investment decision solely on the basis of the information that is contained in the prospectus which may be published by ADC Acquisition Corporation PJSC in due course in connection with the admission of its shares and warrants to trading on the Abu Dhabi Securities Exchange.

ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, a leading Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and international markets, announced today they have established ADC Acquisition Corporation PJSC (ADC), the UAE’s first Special Purpose Acquisition Company (SPAC).

ADC plans to raise AED 367 million through an Initial Public Offering (IPO) of 36.7 million shares at an offer price of AED 10.00 per share. Shares will be sold to qualified retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX).

ADC was established by ADQ, through its Alpha Oryx special purpose vehicle, and Chimera Investments as a SPAC for the purpose of identifying and combining one or more businesses. In its search for acquisition opportunities, ADC intends to identify scalable businesses with strong management teams.

The launch of ADC will offer target businesses an opportunity to access capital in Abu Dhabi’s capital markets through a faster, less expensive alternative to the traditional IPO method. These companies will also benefit from access to the extensive, multi-sector expertise and combined network brought by ADQ and Chimera Investments.

ADC will be led by an accomplished board and management team with a strong reputation in the industry and a wide range of complementary knowledge and skills. H.E. Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, will be Chairman of ADC. Syed Basar Shueb, Chairman of Chimera Investments, will be Vice Chairman of ADC.