Anghami, Middle East’s top music streaming platform, becomes the first technology company in the region to list on NASDAQ New York, after it was announced that it is merging with Vistas Media Acquisition Company Inc. (NASDAQ: VMAC), a publicly traded special purpose acquisition company. The transaction implies an initial pro-forma enterprise valuation of around $220m, or 2.5x of 2022 estimated revenues, and is expected to close in Q2 of 2021. Moreover, the new combined company will operate under the Anghami name and will trade under the new symbol ANGH. A listing on Nasdaq will allow the company to “scale its user base and invest in technology to build on its data play”, a press release statement stated. Anghami is expected to have approximately $142m of cash on its balance sheet at closing to boost expansion and growth. Eddy Maroun, CEO of Anghami, said, “We have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on Nasdaq. Being a US listed public company gives us access to growth capital and a global platform that is the best in the…
Anghami Becomes First Tech Company in Middle East to List on NASDAQ New York
March 4, 2021
