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.