Middle Eastern Spotify Technology SA rival Anghami surged as much as 82% on its Nasdaq debut following its merger with a blank-check firm, even after all but a handful of investors opted to return their shares in exchange for cash.
Anghami shares opened at $17.91 on Friday, before paring some of the gains to trade around $12. It’s the first Arab technology company to list on Nasdaq and its debut comes a day after Spotify’s shares tumbled in the U.S. after disclosing a slowdown in growth, following a month of controversy involving podcast host Joe Rogan.
Special purpose acquisition companies are facing waning investor sentiment after they took Wall Street by storm last year, with high redemption rates, pulled listings and sinking share prices underscoring the troubles facing the asset class.
Holders of 9.8 million of the 10 million shares in Vistas Media Acquisition Company Inc., the SPAC behind Anghami’s float, have opted to return them for cash, according to a filing. The Abu Dhabi-based firm took the development in its stride.
No comments:
Post a Comment