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Tag: ANGH

  • Anghami Inc. (ANGH) stock Under Correction Premarket Following its Monumental Gain

    Anghami Inc. (ANGH) stock Under Correction Premarket Following its Monumental Gain

    On February 17, shares of the recent Arab debutant on Nasdaq, Anghami Inc. (ANGH) rose a staggering 161.36%. The stock broke its all-time high and made a new history. Consequently, ANGH stock fell under corrections in the premarket today on February 18, 2022.

    During the previous trading session, the sock broke all records and reached a high of $33.13. ANGH closed the session at $28.88 with a gain of $17.83 at 20.4 million shares volume. Following the tremendous gain, the stock fell down to $26.30 under corrections in the premarket, at the last check on Friday. Hence, the stock ha lost 8.93% in the premarket at the time of writing.

    The Abu Dhabi-based company, Anghami Inc. is a leading music streaming platform and service. Currently, the company has only 31.5 million shares outstanding in the market and has a market capitalization of $348.08 million.

    What Happened?

    It was only recently at the start of February 2022 that the Arab technology company started trading on Nasdaq. Since the commencement of its trading on Nasdaq, ANGH has remained highly volatile with sudden bursts of big gains and losses. The reason for this high volatility is the small number of outstanding shares, making it susceptible to large price swings.

    On February 17, investors flocked towards the stock like crazy, making it trade at 4,297% of its average volume. ANGH stock broke all records and marked a huge new all-time high on Thursday. There seems to be no plausible explanation for the sudden huge outburst and gain on Thursday. No official news or SEC filing has been reported, thus, the stock might have gained on external factors. Subsequent to the monumental gain, the stock was bound to fall under corrections and hence, it started declining in the premarket today.

    ANGH’s Nasdaq Debut

    On February 04, the company’s common stock shares and warrants commenced trading in the U.S. on Nasdaq under “ANGH” and “ANGHW”, respectively. This marked a new history as Anghami became the first-ever Arab technology company to be listed on the Nasdaq exchange.

    The transaction resulted in gross proceeds of $220 million to the company. As per the agreement terms, Anghami’s Co-founder and CEO, Eddy Maroun, and his team are to continue leading the company. Furthermore, the CEO of VMAC, F Jacob Cherian has joined the company as co-CEO for one year.

  • Anghami Inc. Ordinary Shares (ANGH) Stock High in Premarket, Here’s the Reason.

    Anghami Inc. Ordinary Shares (ANGH) Stock High in Premarket, Here’s the Reason.

    Anghami Inc. Ordinary Shares (ANGH) is the pioneer and leading music technology portfolio in the Middle Eastern and North African territory. The company has one of the largest music catalogs encompassing 72 million songs and licensed content. The main sources of the music content include Arabic labels, independent artists, and distributors and it has the availability to 75 million customers. The company has its offices in Beirut, Dubai, Cairo, and Riyadh and operates in 16 countries across MENA.

    The price of ANGH stock during the regular trading on February 4, 2022, was 12.07 with a 22.7% increase. At last check in the premarket on February 7, 2022, the stock rocketed by 38.21%.

    ANGH: Events and Happenings

    On February 4, 2022, ANGH announced about filing a Report to the SEC of the foreign private issuer pursuant to its rule 13a-16 or 15d-16. On February 4, 2022, ANGH reported about the completion of the business merger with Vistas Media Acquisition Company. ANGH’s common ordinary shares and warrants started trading on NASDAQ on February 4, 2022, under the ticker symbol ‘ANGH’.

    On January 04, 2022, ANGH reported about its collaboration with Amazon’s smart assistant technology, Alexa. The company aims to bring localized music experience in Arabic voice along with English, representing the rich Arab culture to its Arabic and English-speaking consumer base.

    On December 18, 2021, ANGH and Sony Music Entertainment Middle East co-reported about introducing their joint venture record label ‘Vibe Music Arabia’ that will back the independent Arabic artist community in the Gulf, Saudi Arabia, and the Levant.

    On December 6, 2021, ANGH announced the launch of its Original podcast named ‘Shagaf’ and it highlighted the Arab and Saudi Women’s success stories in business and entrepreneurship. Emon Shakoor hosted the show, who is the CEO of Saudi Arabia’s foremost tech-inclusion and female-centered accelerator. The podcast’s aim is to motivate the addressees by the stories of entrepreneurial inspiring Women. The podcast sheds the light on the women who are part of Saudi Arabia’s historical transformation.

    Conclusion

    ANGH is a newly NASDAQ listed company. The stock of the company outperformed by 21.4% in the last six months period. The current premarket rise in the stock price can be attributed to several factors including the company’s listing on NASDAQ and filing Form 6-K with the SEC.