Anghami is expected to begin trading on NASDAQ on February 4, 2022 at 9:30 a.m. ET under the symbol “ANGH”
NEW YORK, 03 Feb. 12, 2022 (GLOBE NEWSWIRE) — Vistas Media Acquisition Company Inc. (NASDAQ: VMAC) (“VMAC”), a publicly traded special purpose acquisition (“SPAC”) company led by CEO F. Jacob Cherian and the co-founders Saurabh Gupta and Abhayanand Singh, and Anghami Inc. (“Anghami” or the “Company”), the leading music streaming service and platform in the Middle East and North Africa, today announced the completion of their business combination (the “Business Combination”).
The Business Combination was approved by a majority of VMAC shareholders at a special meeting held on January 19, 2022. Following the closing of this Business Combination, common stock of the surviving company will begin trading in the United States. United States on the NASDAQ Global Market under the symbol “ANGH” and the surviving company’s warrants will begin trading on the NASDAQ Capital Market under the symbol “ANGHW” on February 4, 2022 at 9:30 a.m. ET.
F. Jacob Cherian, Chairman and CEO of VMAC, said: “We are delighted to announce the completion of our combination with Anghami, bringing the first Arab technology company to the American stock exchange NASDAQ. We would like to congratulate the Anghami team on this incredible achievement and are excited to see their next chapter as a public company.”
“Today is a testament to the hard work and dedication of our company, Vistas Media Acquisition Company employees and partners,” said Eddy Maroun, Co-Founder and CEO of Anghami. “As a public company, we will further grow our ecosystem of creators, expand our content and add millions of users across MENA and globally.”
Elie Habib, Co-Founder and Chief Technology Officer, added, “The business combination is the culmination of a long journey and we are excited to join NASDAQ, which will provide us with the foundation to hire the best engineers, innovate more and offer our users the best experience and new products.”
Anghami brings to NASDAQ the leading music streaming platform in the Middle East and North Africa, offering over 75 million songs to over 75 million registered users with approximately 1 billion streams per month.
Truist Securities acted as financial and capital markets advisor to VMAC. Benchmark and I-Bankers Securities, Inc. also acted as financial advisors and Winston & Strawn LLP acted as legal advisor to VMAC.
SHUAA Capital acted as financial advisor and global underwriter for Anghami. Norton Rose Fulbright acted as legal counsel to Anghami. Baker Botts LLP acted as US counsel to SHUAA Capital.
About Vistas Media Acquisition Company Inc.
Vistas Media Acquisition Company Inc. is a blank check corporation, also commonly referred to as a special purpose acquisition company, or SPAC, established for the purpose of effecting a merger, stock exchange, asset acquisition, shares, reorganization or similar business combination with one or more companies or entities in the global media and entertainment industry.
To learn more about Vistas Media Acquisition Company Inc., please visit https://vmac.media.
About Anghami Inc.
Anghami is the leading digital music entertainment technology platform in the Middle East and North Africa, with the largest catalog comprising over 75 million songs available to over 75 million users. When launched in 2012, Anghami was the first music streaming platform in the MENA region. By digitizing the region’s music, it has become the most well-known and loved music streaming brand in the MENA region. Today, Anghami features licensed content from major Arabic labels, independent artists and distributors. Anghami also features music from major international labels such as Universal, Sony, Warner and is continually licensing new content. Based in Abu Dhabi, it has offices in Beirut, Dubai, Cairo and Riyadh and operates in 16 countries in the MENA region. It is the only service available in English, Arabic and French, and remains close to its customers, not only thanks to its pan-regional presence but also via the 56 million user data points it generates every day.
To learn more about Anghami, please visit: https://anghami.com.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of VMAC and Anghami may differ from their expectations, estimates and projections and, accordingly, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and similar expressions (or negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, the satisfaction of the closing conditions of the proposed business combination and the timing of the completion of the proposed business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond the control of VMAC and Anghami and are difficult to predict. Factors that could cause such differences include, but are not limited to: (1) the impact of COVID-19 on Anghami’s business; (2) the risk that the business combination will disrupt ongoing plans and operations following the announcement and completion of the proposed business combination; (3) costs related to the business combination; (4) changes in applicable laws or regulations; (5) the possibility that Anghami or VMAC may be adversely affected by other economic, business and/or competitive factors; and (6) other risks and uncertainties identified in Anghami’s registration statement on Form F-4 (File No. 333-260234) filed with the United States Securities and Exchange Commission (the “SEC ”), which was declared effective on December 16, 2021, with respect to the securities of the Company to be issued in connection with the business combination, and in other documents filed or to be filed with the SEC by the Company or VMAC and available on the SEC’s website at www.sec.gov. Anghami cautions that the above list of factors is not exclusive and cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, Anghami does not undertake or accept any obligation or undertaking to publicly release updates or revisions to any forward-looking statements to reflect any changes in its expectations or any changes in events, of the conditions or circumstances on which such statement is based.
Fr. Jacob Cherian, CEO
+1 212- 859-3525
Brett Milotte, ICR