Vistas Media’s Holders Approve Merger With Anghami

Vistas Media Acquisition was created about two years ago as a Special Purpose Acquisition Company, whose purpose is to acquire assets, increase its share in other companies, implement mergers, business combinations, and so on. Its stock price has been stable for two years. However, this week it’s trading below $9 for the first time. On January 14, the price dropped sharply by 15% to $8.55. During the last regular trade, it fell to a low of $8.19 and closed at $8.55 with a trading volume of $35.202. 

Vistas Media

Vistas Media Acquisition reported that at the January 19 meeting, almost all of VMAC’s shareholders voted in favor of the merger with Anghami, with 98% of the shareholders voting in favor. Now, the integration will be carried out only with the fulfillment of all the closing conditions. Under the deal, the surviving company’s common stock and warrants will appear on the Nasdaq as “ANGH” and “ANGHW”. Anghami is the largest streaming platform with 70M users and a catalog of over 57M songs. It differs from other similar projects in that it provides services in three languages: English, French, and Arabic.