Anghami and Vistas Media Acquisition Company Reported Close of Business Combination

Feb 7, 2022 By MarketDepth

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Anghami Inc. (NASDAQ: ANGH) has announced the completion of its business combination with Vistas Media Acquisition Company (NASDAQ: VMAC).  Anghami’s common shares and warrants are now trading under the tickers ANGH and ANGHW, respectively.  Eddy Maroun, Co-founder and Co-Chief Executive Officer of Anghami, commented, “Today marks the end of a long journey toward listing on NASDAQ, but also the momentous beginning of our life as a publicly-traded company. We are grateful to our investors and partners who have made this possible. We believe that our efforts to take a different approach and challenge the status quo in the streaming world present a great opportunity for fans not only in the region but also for millions of people around the world who are trying to reconnect with their roots through music. As we embark on this new chapter, we remain as committed as ever to our goal of expanding the Arabic-language music repertoire through new initiatives and innovative concepts such as Anghami Originals, Anghami Labs, live concerts, live radio and branded content.”

“This is a moment of great pride, not only for Anghami, but for the entire Arab world, as well as for our engineers, builders, creators and partners around the world. We launched in 2012 with the dream of making a valuable difference for users and artists alike, and nearly a decade later, with around 58% of the market share in the Middle East, we have earned a place not only in the industry, but also in the hearts of music lovers across the region. We look forward to continuing our mission to transform the music streaming industry globally by connecting fans and artists and providing a unique streaming experience by focusing on original hyper-local content and an extensive catalog of music and entertainment.”

Elie Habib, Co-Founder and Chief Technology Officer of Anghami

F. Jacob Cherian, Co-Chief Executive Officer of Anghami, commented, “We are thrilled to bring the Arab region’s most popular music streaming platform and challenger brand to NASDAQ. This is an incredible achievement, and we look forward to reaching many more milestones in creating more original music content, expanding Anghami’s horizons and reach, and growing as a global publicly traded company.”