Arabic Streaming Music Platform Anghami Soared 50% in Morning Trading

Tiger Newspress2022-02-07

Shares of Arabic streaming music platform Anghami , which merged late last week with SPAC Vistas Media Acquisition Corp., soared 50% in early trading Monday.

The streaming music platform, which caters to listeners in the Middle East and North Africa, closed on its business combination with Vistas Media on Thursday.

Shares of the newly merged company began trading on the Nasdaq on Friday, opening at $17.91 before closing at $12.07, up 23% from the previous session. Pre-merger shares of Vistas Media closed at $9.83 on Thursday.

Headquartered in Abu Dhabi, Anghami streams music in English, French and Arabic to over 75 million registered users with approximately 1 billion streams per month. The company has a streaming catalog of more than 75 million songs.

Anghami announced in March 2021 that it was combining with blank-check company Vistas Media in a deal that carried an enterprise value of around $220 million. The transaction was originally slated to close in Q2 2021.

On Jan. 21, shares of Vistas Media rallied following shareholder approval of the merger.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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陈河马
2022-02-08
陈河马
Wow
Andaroo
2022-02-08
Andaroo
Amc gme
maxichua
2022-02-08
maxichua
K
ramius75
2022-02-08
ramius75
🚀🚀🚀
aibee
2022-02-08
aibee
[Miser]
JQ62
2022-02-08
JQ62
Like please

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