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.