Maples Advises Anghami on its NASDAQ Listing
Maples and Calder, the Maples Group’s law firm, is pleased to announce that its Dubai Corporate practice recently advised one of its long-standing clients, Anghami Inc. (“Anghami”), on their successful business combination with Vistas Media Acquisition Company Inc. (“Vistas”). Through the business combination with Vistas, a publicly traded special purpose acquisition company formed in Delaware, Anghami became the first Arab tech company to list on NASDAQ and the first Arab company to list on this market in over 25 years. The business combination completed on 3 February 2022.
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Anghami, headquartered in Abu Dhabi, is the leading music streaming platform and service in the Middle East and North Africa, offering more than 75 million songs to over 75 million registered users with around one billion streams per month.
A team based in the firm’s Dubai practice advised Anghami on the Cayman Islands legal aspects of the transaction and was led by Dubai Joint Managing Partner, Philip Ireland with assistance from Of Counsel, Oliver Simpson.
Commenting on the transaction, Philip said, “We have advised Anghami since its inception in 2012 and are very proud to have assisted the first tech company from this region to list on NASDAQ. We are delighted to have been involved with this groundbreaking transaction and hope that this will pave the way for other tech firms in the region.”
Norton Rose Fullbright US LLP provided US counsel1 to Anghami while Winston and Strawn LLP provided US counsel1 to Vistas. SHUAA Capital, UAE investment bank and asset manager, arranged the listing.
1Specifically New York and Delaware state laws.