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Rocket Company surpassed GameStop and Palantir, becoming the top priority of WallStreetBets



Bloomberg

Middle East Spotify challenger Anghami approaches SPAC merger

(Bloomberg)-According to people familiar with the matter, Abu Dhabi-based music streaming service Anghami has more than 70 million users. The company is about to merge with a blank cheque company and listed on the Nasdaq Stock Exchange in New York. This incident laid the foundation for the largest investment in a Middle Eastern technology startup in many years. Anghami in Arabic stands for “My Music”

; and has been in talks with Vistas Media Acquisition Company Inc., a special purpose acquisition company established last time. People familiar with the matter said that this year, a transaction may be announced on Wednesday as early as Wednesday, because the news is not public, so they asked not to be named. People familiar with the matter said this will be the first transaction for a local Middle Eastern technology company to list on the Nasdaq in New York. People familiar with the matter said that the deal included a US$40 million commitment jointly made by the UAE financial company Shuaa Capital and the parent company of the SPAC sponsor, the so-called PIPE-private investment-financing of public offerings. No need to go through the expensive and time-consuming initial public offering process to raise new funds to directly grow and go public. Representatives for Anghami, Vistas and Shuaa declined to comment. Anghami’s successful listing will increase the winning streak of major technology deals in China. Despite the impact of the coronavirus pandemic, regional startups attracted approximately $1 billion in funding in 2020, an increase of 13% over the previous year. Headquartered in Dubai, Magnitt Inc. ip and Abu Dhabi Investment Office. This is a coup against Abu Dhabi. Abu Dhabi has been seeking the efforts of technology companies and start-ups to diversify the oil-dependent economy. In 2012, Anghami, founded by two Lebanese entrepreneurs in Beirut, has grown into this A popular streaming platform in one of the most powerful regions in the region. It provides about 1 billion streams every month and 57 million songs to more than 70 million registered users. Anghami has offices in the Arab world and is competing with Spotify Technology SA and Deezer SA for regional supremacy. Anghami’s shareholders include regional venture capital companies and strategic shareholders, such as Middle East Venture Capital Corporation, Samena Capital, Emirates Integrated Telecommunications Corporation, MBC Group VMAC by former CEO F. Jacob Cherian and co-founder of JPMorgan Chase & Co. Abhayanand Singh co-leads and represents approximately 68% of the company’s shares and Etisalat. The head of the Singapore Media Investment Company behind SPAC, and Saurabh Gupta, the former banker and co-producer of several films. Sources told Bloomberg that Vistas started trading in August after conducting a $100 million initial public offering on the Nasdaq Stock Exchange. time. Recently, Shuaa Capital has also invested in a music platform. For more articles, please visit Bloomberg.com and subscribe now to maintain the leading position of the most trusted business news source. ©2021 Bloomberg LP


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