Today, one special purpose acquisition company (SPAC) investors have their eye on is Vistas Media Acquisition Corp (NASDAQ:VMAC). Currently, VMAC stock has soared nearly 25%, on extremely heavy volume. As one might guess, an upcoming acquisition is the key catalyst driving this stock right now.
Vistas Media is getting ready to merge with Arab music-streaming platform Anghami. This upcoming deal is one that investors have certainly showed interest in previously. The SPAC surged earlier this month upon approval of the deal.
However, there are a number of aspects to this deal that make this particular merger interesting. Of note, those who have been following Spotify (NASDAQ:SPOT) recently will note that the music-streaming space is a volatile one right now. In some respects, the surge in VMAC stock could represent investors looking for alternative platforms. This potential driver could be an interesting one to watch.
Additionally, there are some other news items that have investors interested in Vistas/Anghami right now. Chief among these is a recent rumor that Anghami could be pursuing an integration with popular cryptocurrency wallet MetaMask. While nothing tangible has yet surfaced, such a partnership would certainly be a big deal.
For those interested in what Anghami is, let’s dive into a few interesting things to know.
What to Know about VMAC Stock and Anghami Ahead of Merger
- Like Spotify, Anghami runs a mostly free music-streaming platform.
- Anghami was founded in Lebanon and has been looking for a U.S. listing for some time.
- The upcoming Vistas/Anghami merger will value Anghami at $220 million.
- Anghami has operations in 16 countries, with more than 70 million users.
- Notably, this company will be the first Arab listing in the U.S. in 25 years.
- Anghami is currently headquartered in Abu Dhabi, though it remains to be seen if that will change.
- The transaction will likely close some time before Q2 of this year.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
