Business

New blank check company files for $200m IPO, led by same team behind SPAC that took Anghami public


Earlier this year, the music streaming company focused on the Middle East and North Africa stood out English made history when listed on NASDAQ.

English listed through a merger with a publicly traded special purpose acquisition company (SPAC) named Vistas Media Acquisition Corporation (VMAC).

Music streaming company got into into a merger agreement with VMAC in March 2021 to do so, Anghami’s valuationat the time was $220 million.

Prior to the merger, the Chairman and CEO of VMAC was Jacob Cherian, who currently serves as Co.-CEO and a director of Anghami.

According to a registration statement filed with the SEC last month, Cherian is also the CEO of a New blank test company called Acquisition Company Vistas II Inc., Aim to raise up 200 million dollars in an IPO.

Follow registration statementThis new SPAC led by Cherian plans to deliver 20.00.000 units at $10 per share and registered to have its units listed on the NASDAQ under the symbol VACXU.

Vistas Acquisition Company II Inc’s sponsor is Vistas Acquisition II Sponsor, owned by Singapore-based investment company Vistas Media Capitalhas offices across Singapore, India, UAE, USA and Canada.

While it has yet to choose a business combination target, the company says that it plans to pursue companies in Consumer technology and The Media and Entertainment sector, and in particular, does not exclude the association with a music company.

The company also plans to focus on key markets such as India, USA, Canada, UK and Middle East & North Africa (MENA) region.

In the consumer technology sector, Vistas Acquisition Company II said it intends to focus on potential business targets in “high-growth sectors globally (with a primary focus on the Asia Pacific region). Oceania, Europe and the Middle East), including logistics and supply chain, educational technology, financial technology,-Commerceand digital markets”.

Meanwhile, in the Media and Entertainment space, The SEC filing notes that Vistas Media is a media and technology company “with a global footprint in the media and entertainment ecosystem”.

As such, the filing adds, it “constantly evaluates new investment opportunities to further strengthen the value chain across geographies in the M&E space, including content, movies, franchises, and franchises.” visual effects, animation, streaming, virtual and augmented reality, Musicdigital media, games and electronics-sports and blockchain technology has enabled new media companies.”

“Our sourcing process will leverage our team’s extensive global network, built over the past few decades, which we believe will provide us with several combined goals. attractive business.”

Vistas II Acquisition Company

Vistas Acquisition Company II says it intends to “focus specifically on companies positioned to benefit directly from the growth of media technology and available digital content”.

Clarifying the profile: “We will leverage the substantial sourcing, investment, and operational expertise of our team of managers, directors and strategic advisors, including the with top business leaders and entrepreneurs.

“Our sourcing process will leverage our team’s extensive global network, built over the past few decades, which we believe will provide us with several combined goals. attractive business.”

The Vistas Acquisition Company II prospectus notes that their team’Past blank test experience Vistas Media Acquisition Company merged with Anghami, becoming “first Arab technology company listed on NASDAQ”.


According to the prospectus filed last month, Vistas Acquisition Company II’s CEO Jacob Cherian is the former CEO of three NASDAQ-listed SPAC, each SPAC has completed the business combination.

Additional records that Cherian “brings extensive capital markets, M&A, public/private equity and management consulting expertise”.

Cherian’s experience includes stints at JP Morgan & Co. as an associate, at KPMG LLP as a Director and at Computer Sciences Corp. as a Partner.


Anghami is not the only company to merge with SPAC in recent months..

In July, the French are born Spotify competitor Deezer became a publicly listed company, seven years after the plug has been pulled in its previous IPO attempt.

The music streaming service has officially launched its stock market on Euronext Paris next July Its business combination with I2PO, a Special Purpose Acquisition Company (SPAC) based in France.

Last month also saw FaZe Clan go public on NASDAQ through the SPAC merger.Worldwide music business



Source link

newsofmax

News of max: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button
Immediate Matrix Immediate Maximum