NEW YORK, Jan. 21, 2022 /PRNewswire/ -- Anghami Inc.
("Anghami" or the "Company"), the leading music streaming platform
and service in the Middle East and
North Africa, and Vistas Media
Acquisition Company Inc. (NASDAQ: VMAC) ("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 were in favor of
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.
About Vistas Media Acquisition Company Inc.
Vistas Media Acquisition Company Inc. is a blank check company,
also commonly referred to as a Special Purpose Acquisition Company,
or SPAC, formed for the purpose of effecting 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.
To learn more about Vistas Media Acquisition Company Inc.,
please visit https://vmac.media.
About Anghami Inc.
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. Today, Anghami features licensed content from
leading Arabic labels, independent artists and distributors.
Anghami also features music from the major International labels
such as Universal, Sony, Warner and is continuously licensing 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, and remains close to its customer base, not only
thanks to its pan-regional presence but also via the 56 million
user data points it generates every day.
To learn more about Anghami, please visit:
https://anghami.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. VMAC's and
Anghami's actual results may differ from their expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "continue," and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the satisfaction of the closing conditions to the
proposed business combination, and the timing of the completion of
the proposed business combination. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from those discussed in the
forward-looking statements. Most of these factors are outside
VMAC's and Anghami's control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) the occurrence of any event, change, or other circumstances
that could give rise to the termination of the Business Combination
Agreement (the "Agreement"); (2) the outcome of any legal
proceedings that may be instituted against VMAC and Anghami
following the announcement of the Agreement and the transactions
contemplated therein; (3) the inability to complete the proposed
business combination, including certain regulatory approvals, or
satisfy other conditions to closing in the Agreement; (4) the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the Agreement or could otherwise
cause the transaction to fail to close; (5) the impact of COVID-19
on Anghami's business and/or the ability of the parties to complete
the proposed business combination; (6) the risk that the proposed
business combination disrupts current plans and operations as a
result of the announcement and consummation of the proposed
business combination; (7) costs related to the proposed business
combination; (8) changes in applicable laws or regulations; (9) the
possibility that Anghami or VMAC may be adversely affected by other
economic, business, and/or competitive factors; and (10) other
risks and uncertainties indicated from time to time in the final
prospectus of VMAC for its initial public offering, including those
under "Risk Factors" therein, and in VMAC's other filings with the
SEC. VMAC cautions that the foregoing list of factors is not
exclusive. VMAC cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. VMAC does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
