Vistas Media Acquisition Company (VMAC) Shareholders Approve Anghami Deal
by Marlena Haddad on 2022-01-20 at 4:43pm

Vistas Media Acquisition Company (NASDAQ:VMAC) announced in a press release today that its shareholders have approved its combination with streaming service Anghami in a special meeting held yesterday.

VMAC saw 9,757,033 shares redeemed, representing 97.57% of pubic shareholders, leaving just 242,967 public SPAC shares post-vote. This is most likely going to cause a “low-float” trading situation, which is already evident in after-hours trading.  VMAC’s share price is currently up approximately 25% to $10.70 after closing this afternoon at $8.55. However, approximately 98% of the votes cast at the meeting were in favor of the business combination.

The parties expect to close the deal shortly, and the combined company’s common stock and warrants are expected to begin trading on the NASDAQ under the tickers “ANGH” and “ANGHW,” respectively.

The parties initially announced their $220 million deal on March 3. Angahmi provides streaming music through both paid and free users in the Middle East and North Africa.

All other proposals listed on the ballot, including the adjournment and Nasdaq proposal, were also approved at today’s meeting.


  • deNovo acted as financial advisor and Winston & Strawn LLP acted as legal advisor to VMAC and its parent company Vistas Media Capital.
  • SHUAA Capital acted as financial advisor and global underwriter and Norton Rose Fulbright acted as legal advisor to Anghami.
  • Baker Botts L.L.P. acted as US counsel to SHUAA Capital.
Recent Posts
by Nicholas Alan Clayton on 2024-02-21 at 2:04pm

This year has been heralded as the year that the dam would finally break on the backlog of IPO candidates seeking to take the regular way to the public markets. So far, that has been the case with 22 companies pricing regular way IPOs after just 58 did so in all of 2022 and 101...

by Nicholas Alan Clayton on 2024-02-21 at 1:32pm

News and Rumors PR: Joby (NYSE:JOBY) has become the first eVTOL developer to complete the third of five stages for the Federal Aviation Administration’s (FAA) type certification process. Earlier this month it received the FAA’s Part 145 maintenance certificate laying the foundation for future repair services of its aircraft models. Joby combined with Reinvent Technology...

by Nicholas Alan Clayton on 2024-02-21 at 7:53am

At the SPAC of Dawn PHP Ventures (NASDAQ:PPHP) provided an update this morning on its combination with modular construction firm Modulex in the form of a refreshed investor presentation. The parties have been quiet on the news front since they announced the combination over a year ago in December 2022, but a few key facts...

by Nicholas Alan Clayton on 2024-02-21 at 6:19am

DT Cloud Acquisition Corporation (NASDAQ:DYCQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYCQU” today, Wednesday, February 21, 2024. The new SPAC plans to focus its target search on a company that is under-performing due to a temporary dislocation in the...

by Nicholas Alan Clayton on 2024-02-20 at 2:58pm

SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved