Abu Dhabi - Mubasher: The shareholders of ADC Acquisition Corporation agreed to change the company’s name to E7 Group, according to a bourse disclosure.
The rebranding followed the merger of the ADX-listed entity with United Printing and Publishing Sole Proprietorship (UPP), which was announced earlier in December.
During the same meeting, the shareholders approved increasing the issued share capital from AED 499.81 million to AED 524.81 million.
The capital raise will be carried out through the issuance of mandatory convertible bonds in the nominal value of AED 25 million to be converted into 10 million new shares in the company, with a nominal value of AED 2.50 per share.
Last September, ADC entered into the region’s first special purpose acquisition company (SPAC) agreement with ADQ Developmental Holding for a business combination with United Printing.
