Vistas Media Acquisition said its sponsor deposited $1 million, representing 10 cents a share, into VMAC’s trust account in order to extend the deadline for the SPAC’s business combination from Aug. 11 to Nov. 11. The extension would enable VMAC to complete its proposed merger with Anghami, a music streaming platform and service in the Middle East and North Africa.
The $220 million deal was announced in March.
The sponsor loan is covered by a promissory note equal to the amount of the extension payment and is non-interest bearing. It will be repaid upon the closing of the business combination, which is expected in the fourth quarter pending shareholder approval. Read more.
