Abu Dhabi-based music streaming platform, Anghami, is set to list on New York’s Nasdaq exchange following its merger with Vistas Media Acquisition Company (VMAC).
The transaction makes Anghami the first Mena tech firm to be publicly listed in the US via a special purpose acquisition company vehicle.
The listing will include a US$40 million funding commitment from VMAC’s parent company and the UAE-based venture capital fund manager Shuaa Capital, an existing investor.
Shuaa Capital took a stake in Anghami in January as part of its strategy to add more tech investments to its real estate and private equity portfolios.
Shuaa’s group chief executive, Jassim Alseddiqi, welcomed the listing and the merger with VMAC stating that “the enhanced reputation and access to capital that comes with a listing on Nasdaq accelerates the company’s growth journey”.
It is also expected to boost Shuaa’s Q2 2021 financial results, according to the asset manager.
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