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Arabic streaming music platform Anghami sees shares soar 55% Monday

Dzmitry Dzemidovich/iStock via Getty Images

  • Shares of Arabic streaming music platform Anghami (NASDAQ:ANGH), which merged late last week with SPAC Vistas Media Acquisition Corp., soared 55% in afternoon trading Monday.
  • Anghami shares last changed hands at $18.74, up 55% from Friday's close, at approximately 1:45 p.m. ET. Earlier in the day, shares traded as high as $23.10.
  • The streaming music platform, which caters to listeners in the Middle East and North Africa, closed on its business combination with Vistas Media on Thursday.
  • Shares of the newly merged company began trading on the Nasdaq on Friday, opening at $17.91 before closing at $12.07, up 23% from the previous session. Pre-merger shares of Vistas Media closed at $9.83 on Thursday.
  • Headquartered in Abu Dhabi, Anghami streams music in English, French and Arabic to over 75 million registered users with approximately 1 billion streams per month. The company has a streaming catalog of more than 75 million songs.
  • Anghami announced in March 2021 that it was combining with blank-check company Vistas Media in a deal that carried an enterprise value of around $220 million. The transaction was originally slated to close in Q2 2021.
  • On Jan. 21, shares of Vistas Media rallied following shareholder approval of the merger.

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