<article>Nasdaq-listed blank cheque firm <a href="http://Vistas Media Acquisition Company raised $100 million on Nasdaq in August 2020. Read more at: https://www.dealstreetasia.com/stories/vistas-media-spac-234775/">Vistas Media Acquisition Company (VMAC)</a> has merged with Anghami, a music streaming platform serving the Middle East and North Africa (MENA) region.</article>

Nasdaq-listed blank cheque firm <a href="http://Vistas Media Acquisition Company raised $100 million on Nasdaq in August 2020. Read more at: https://www.dealstreetasia.com/stories/vistas-media-spac-234775/">Vistas Media Acquisition Company (VMAC)</a> has merged with Anghami, a music streaming platform serving the Middle East and North Africa (MENA) region.
The SPAC&#8217;s sponsor is the Singapore-based <a href="https://www.dealstreetasia.com/stories/vistas-media-spac-234775/">Vistas Media Capital</a>.
The merger was approved by VMAC shareholders on Jan. 19, and started trading on Friday under the ticker &#8220;ANGH&#8221;.  Shares of Anghami soared more than 80% in their Nasdaq debut on Friday
Anghami is the first Arab tech company to be listed on the Nasdaq.
“Today is a testament to the hard work and dedication of our company, employees and partners at Vistas Media Acquisition Company. As a public company, we will further develop our ecosystem of creators, expand our content and add millions of users in MENA and globally,” said Eddy Maroun, co-founder and CEO of Anghami.
Anghami started in 2012 as the first music streaming platform in MENA. Since then, the Abu Dhabi-based firm has grown its catalogue to over 75 million songs, to serve more than 75 million users, clocking around 1 billion streams a month. Its service is available in English, Arabic, and French, and operates across 16 countries in MENA. Its platform also features licensed content across Arabic and international labels such as Universal, Sony, and Warner.
“We are delighted to announce the completion of our business combination with Anghami, bringing the first Arab technology company to the United States NASDAQ exchange. We would like to congratulate the Anghami team on this incredible achievement, and are excited to see its next chapter as a public company,&#8221; said F. Jacob Cherian, chief executive officer of VMAC.
VMAC&#8217;s acquisition of Anghami has spurred new interest in the Middle East towards special purpose acquisition companies (SPACs), an asset class that has largely lost steam in the US.
Last week, the United Arab Emirates&#8217; Securities and Commodities Authority (SCA) approved a regulatory framework for SPACs — a first in the Gulf. Sponsors may apply to list their SPACs on the Abu Dhabi Securities Exchange, which will likely see their first SPAC listing sometime this year.
According to the SCA, interested sponsors will be required to raise at least 100 million Dirhams ($27 million) in the IPO, and the units sold will comprise warrants that will give investors and sponsors the right to convert them into shares. 90% of the IPO proceeds should be placed in an account bearing no interest, it added.
Apart from Abu Dhabi, several Asian markets have begun launching or renewing their domestic SPAC frameworks, including Singapore (Singapore Exchange), Hong Kong (Hong Kong Exchange), and Malaysia (Bursa Malaysia). Others such as Indonesia are also reportedly considering launching similar schemes for the domestic market.

Nasdaq-listed blank cheque firm VMAC is merging with Anghami, a music streaming platform serving the Middle East and North Africa.

Music streaming firm Anghami lists in US after merger with Vistas Media's SPAC

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Music streaming firm Anghami lists in US after merger with Vistas Media's SPAC

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