Anghami to be first Arabic tech firm to list on Nasdaq New York
Published 03 Mar,2021 via Arab News - Economy DUBAI - Arabic music streaming service Anghami is set to become the first technology company from the region to list on New York’s Nasdaq stock exchange as part of a merger deal valuing the platform at up to $230 million.
Anghami – my tunes, in Arabic – is set to merge with Vistas Media Acquisition Co. Inc., a publicly traded special-purpose acquisition company. Often referred to as “blank check companies” in the industry, the merger is seen as a quicker and cheaper route to a Nasdaq listing.
The listing is expected to close at the end of May, early June and Vistas Media Acquisition Co. Inc. has already gathered $40 million in advance commitments, with $10 million from parent company, Singapore’s Vista Media Capital, and $30 million from the UAE asset management firm SHUAA Capital.
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