Alliance Entertainment Holding Corporation (NASDAQ: AENT) noticed its shares were static Tuesday. The company, a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, toys and collectibles, today announced 100% vestment of equity grants to 597 employees under its 2023 Omnibus Equity Incentive Plan, establishing an employee-owned company.
On June 15, Alliance Entertainment issued an aggregate of 468,400 shares of Class A Common Stock into a reserve for unvested restricted shares pursuant to the Company’s 2023 Omnibus Equity Incentive Plan. All employees hired on or before February 13, were granted Restricted Stock Awards and all of the shares granted to 597 employees were fully vested on October 4.
Chairman Bruce Ogilvie. commented, “Our Equity Incentive Plan represents our goal to unite all employees around our mission by offering a share in the Company’s future. As an employee-owned company we believe we can further improve business performance and reward employees for their hard work and commitment. The plan is a part of our Environmental, Social & Governance (ESG) initiatives, including creating and sustaining a safe, diverse and inclusive working environment for our employees.
“We were excited to celebrate this milestone along with 597 truly deserving employees for all that they do to drive value for our customers, and their efforts to build Alliance’s leadership as the premier distributor of music, movies, video games, electronics, arcades, toys and collectibles.”
AENT shares had difficulty Tuesday moving off the perch of $1.30, at which they closed Monday.