Angami is the first Arab tech company to list on Nasdaq (“ANGH” and “ANGHW”) in more than 25 years and the first company in the Middle East to list on the stock exchange in a technical field.
KAMPALA | LIFESTYLE UGANDA (https://lifestyleuganda.com/) — Last week, Anghami, a music streaming platform and service offering in the Middle East and North Africa, was listed on the Nasdaq stock exchange and is now trading under the symbol as ‘ANGH’ and ‘ANGHW‘.
- Angami debuts on the Nasdaq under the ticker symbols “ANGH” and “ANGHW.”
- Anghami and VMAC agreed to merge in March 2021, valuing the company at $220m.
A common ordinary share and its warrants of Anghami began trading on NASDAQ on February 4, 2022, under the tickers “ANGH” and “ANGHW,” respectively.
Lifestyle Uganda published a news story about the conclusion of the merger between Anghami Media and Vistas Media Acquisition Company (VMAC), whose stockholders approved the merger on 19 January.
In March 2021, Anghami and VMAC reached a merger agreement that valued the company at $220m.
Anghami is the first Arab tech company to list on Nasdaq in more than 25 years and the first company in the Middle East to list on the stock exchange in a technical field.
Anghami, founded in 2012, is one of the largest music streaming platforms in the Middle East and North Africa (MENA) region.
The company is based in Abu Dhabi and has offices in Beirut, Dubai, Cairo, and Riyadh.
Last Thursday, Anghami co-founders Elie Habib and Eddy Maroun rang the New York Stock Exchange’s opening bell to celebrate the new stock listing under the ticker ‘ANGH’ on the Nasdaq Global Market and the ticker ‘ANGHW’ on the Nasdaq Capital Market.
At the time of publishing, the ANGH stock price was about $19 per share. During its opening day on Friday, its stock price soared over 80% during intraday trading. On Monday, its pre-market price climbed about 70%.
“Today is a testament to the hard work and dedication of our company, employees and partners at Vistas Media Acquisition Company. As a public company, we will further develop our ecosystem of creators, expand our content and add millions of users in MENA and globally,” Maroun said on Thursday.
“Today is a testament to the hard work and dedication of our employees, partners, and our company as a whole,” Maroun said on Thursday. “As a public company, we will further develop our ecosystem of creators, expand our content, and attract millions of new subscribers in MENA and globally.”
Habib said: “The business combination is the culmination of a long journey and we are pleased to be joining Nasdaq, which will provide the foundation for us to hire the best engineers, further innovate and offer our users the best experience and new products.”
We’re excited to finally join Nasdaq and are looking forward to hiring the best engineers, innovating further and offering our users the best product experience.” Habib continued: “This is the culmination of a long journey and we’re looking forward to an enriched user experience.”
With approximately 70 million active users and 57 million Arabic and international songs, Anghami generates approximately 10 billion streams annually.
The company has also partnered with key players in the entertainment industry, including the Middle Eastern version of ‘The Voice’ and the Lebanese-Canadian music executive Sal Slaiby, who managed The Weeknd and French Montana.
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