VMAC stock rose more than 12% in after-hours trading on January 20, 2022, after the company announced a business combination SPAC with Anghami.
Vistas Media Acquisition Company Inc. Shareholders Approve Business Combination with Anghami Inc.
On January 20, 2022, Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, and Vistas Media Acquisition Company Inc. (NASDAQ: VMAC), a publicly-traded special purpose acquisition company, announced today that in a special meeting on January 19, 2022, VMAC’s shareholders voted to approve its proposed business combination (the “Business Combination”) with Anghami. Approximately 98% of the votes cast at the meeting favored the Business Combination.
The Business Combination is expected to close upon satisfaction of the closing conditions. Following the closing of the Business Combination, the common stock and warrants of the surviving company are expected to begin trading on the NASDAQ under the tickers “ANGH” and “ANGHW,” respectively.
Vistas Media Acquisition Company Inc. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed to effect a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities in the Global Media and Entertainment sector.
Anghami is the leading digital music entertainment technology platform in the Middle East and North Africa, with the largest catalog comprising more than 57 million songs available for more than 70 million users. When it launched in 2012, Anghami was the first music-streaming platform in MENA. In digitizing the region’s music, it has become the best-known and best-loved brand in music streaming in MENA. Anghami features licensed content from leading Arabic labels, independent artists, and distributors. Anghami also features music from major International brands such as Universal, Sony, and Warner and continuously licenses new content. Headquartered in Abu Dhabi, it has offices in Beirut, Dubai, Cairo, and Riyadh and operates in 16 countries across MENA. It is the only service available in English, Arabic, and French. It remains close to its customer base, thanks to its pan-regional presence and via the 56 million user data points it generates every day.
Vistas Media Acquisition initiated with a Buy at Benchmark
On January 6, 2022, Benchmark analyst Matthew Harrigan initiated Vistas Media Acquisition (VMAC) coverage with a Buy rating and a $17 price target. The company is set to merge in Q1 with Anghami (ANGH), the “preeminent” music streaming platform and service in the Middle East and North Africa region, with a 58% market share in 2020. The analyst estimates Anghami’s music streaming growth and advertising innovation, audio intellectual property creation, and local entertainment opportunities can generate 37% annual sales growth through the 2020s.
Anghami Delivers a New Interactive Experience Through Partnership With Amazon Alexa
On January 4, 2022, Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, is now providing users in KSA and UAE a seamless, innovative experience by rolling out access to its skills in not only English but also in the Arabic language through its partnership with Alexa, Amazon’s intelligent assistant technology.
Being among the first Arabic and English skills built for Alexa, Anghami aims to deliver a seamless localized music experience in a Khaleeji Arabic voice and in English, embodying the rich Arab culture by optimizing the experience for both its Arabic and English-speaking users.
Alexa integration offers Anghami users in the UAE and KSA an enhanced interactive experience that allows them to play the music that fits their mood, stream their favorite podcasts, listen to religious content and control millions of songs by simply conversing with Alexa using local pronunciations and intonation in both Arabic and English dialects. Customers with smart devices will merely need to connect their Anghami accounts to their Alexa device and start the conversation by saying, “Alexa, start Anghami music.” Alexa will welcome them and provide a wide range of Arabic content available on the platform.
“In recognition of the importance of our Arabic language, this partnership will further enhance the experience for our customers and help to spread our culture worldwide,” commented Elie Habib, Co-Founder, and CTO of Anghami. He added, “As part of our continued commitment to elevating the music industry and incorporating leading technology capabilities, we are thrilled to partner with Amazon to bring an innovative experience to our customers in KSA and UAE.”
“We are very excited to team up with Anghami, the region’s leading digital music platform, giving customers access to millions of international and Arabic songs and podcasts. Only by using their voice customers can ask Alexa to play their favorite songs from the region’s largest music catalog in Arabic”, said Eric Saarnio, VP Devices and Services, Amazon.
📺 Abu Dhabi-based Anghami to list on Nasdaq after historic SPAC merger
📉 VMAC Stock Technical Analysis
The short-term trend is negative, the long-term trend is neutral. VMAC is currently making a new 52 week low. This is a very bad signal. The S&P500 Index is trading in the upper part of its 52-week range, so VMAC is lagging the market. Prices have been falling strongly lately, it is better to avoid new long positions here.
There is a resistance zone ranging from 9.72 to 10.02. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also a resistance zone ranging from 10.19 to 10.30. This zone is formed by a combination of multiple trend lines in multiple time frames.
The technical rating of VMAC is bad and it also does not present a quality setup at the moment. VMAC stock has a Setup Rating of 2 out of 10. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when VMAC stock consolidates and has a Setup Rating of 8 or better.