Vistas Media Acquisition said its sponsor deposited $1 million (10 cents a share) into VMAC’s trust account to extend the SPAC’s merger deadline from Nov. 11 until Feb. 11. The extension provides VMAC with additional time to complete its proposed business combination with Anghami, a music streaming platform and service in the Middle East and North Africa.
The sponsor in August had also deposited $1 million to extend the deadline.
The sponsor loaned the extension payment for a non-interest bearing promissory note equal to the loan, which must be repaid when the deal is completed. Read more.
