In March 2021, Anghami entered right into a definitive merger settlement with Vistas Media Acquisition Firm, a publicly particular goal acquisition firm (SPAC), with the deal supposed to lead to Anghami itemizing on the NASDAQ in New York.
The trail has now been cleared for that itemizing, which Anghami and VMAC say will make Anghami the primary Arab know-how firm to checklist on the NASDAQ in New York.
At a particular assembly on January 19, 2022, VMAC’s shareholders voted to approve the proposed enterprise mixture merger, with roughly 98% of the votes solid on the assembly in favor of the enterprise mixture.
In response to a media launch, the merger, which values Anghami at $220 million, “is anticipated to shut upon satisfaction of the closing circumstances”.
Following the closing of the merger, the corporate is anticipated to start buying and selling on the NASDAQ underneath the ticker ANGH.
The deal is anticipated to be accomplished “promptly following the particular assembly of stockholders, in response to a Kind F-4 to filed with the U.S. Securities and Trade Fee in October, “offered that every one different circumstances to the consummation of the Enterprise Mixture have been glad or waived.
Anghami is headquartered in Abu Dhabi, UAE, and is presently backed by MENA enterprise capital companies and strategic shareholders, together with media teams and telco firms that collectively personal roughly 68% of Anghami, with the steadiness owned by the founders.
Anghami additionally has workplaces in Beirut (the place it was beforehand headquartered), Dubai, Cairo and Riyadh.
Based in 2012, Anghami claims to be the primary music-streaming platform within the MENA area and now has 70 million registered customers with round 1 billion streams per 30 days.
The service affords a catalog of over 57m songs.
As well as, Anghami has established direct partnerships with 36 teleco firms throughout the MENA area to spice up free person acquisitions and facilitate subscriptions attaining hat it claims is “the best paying conversion fee in rising markets”.
The corporate’s worldwide head of partnerships is LA-based music business entrepreneur and supervisor, Wassim “Sal” Slaiby, the CEO of XO Information (the label which he co-founded with The Weeknd whom he additionally manages) and of SALXCO, his administration agency.
Anghami says that Slaiby has been instrumental in formulating world partnerships.
Arab Information reviews that VMAC shares rose greater than 20% in premarket buying and selling on Friday (January 21).
In October, Anghami struck a partnership with well-liked cell recreation PUBG MOBILE (PlayerUnknown’s Battlegrounds).