Vistas Media Acquisition Company shareholders voted vogted in favor of merging with music streaming platform Anghami, the SPAC reported.
Approximately 98% of the votes cast at the meeting were in favor of the deal, which has a $220 million valuation. However, nearly 9.8 million shares were redeemed ahead of the vote, the SPAC disclosed in an 8-K filing. That wiped out nearly 98% of the SPAC’s cash in trust.
Vistas Media in a news release saaid the business combination is still expected to close upon satisfaction of the closing conditions. Following the closing, common stock and warrants are expected to begin trading on the Nasdaq under the tickers ANGH and ANGHW.
As announced in March 2021, the transaction implies a pro-forma enterprise value of $220 million.
Angahmi provides streaming music through paid and free services in the Middle East and North Africa. Read more.
