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.
ADVISORS
- 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.
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...
New Providence Acquisition Corp. III (NASDAQ:NPACU) announced the pricing of its $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NPACU”, Thursday, April 24, 2025. The new SPAC aims to combine with a consumer target that has the potential to generate attractive risk-adjusted returns. New Providence III’s...