What's Going On With Anghami Shares Today?
Portfolio Pulse from Lekha Gupta
Anghami Inc. (NASDAQ:ANGH) and OSN+ have completed a transaction where OSN Group acquired a 55.45% majority stake in Anghami at a valuation of $3.69 per share. This deal, expected to create a company with over 120 million users and $100 million in revenue, has led to ANGH shares dropping 8.29% to $1.79.
April 02, 2024 | 2:14 pm
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Anghami Inc. has seen its shares drop by 8.29% to $1.79 following the announcement of OSN Group acquiring a majority stake at a valuation significantly higher than its last closing price.
The drop in ANGH's share price can be attributed to the market's reaction to the acquisition news, possibly due to concerns over the valuation or the future direction of the company under new majority ownership. The significant difference between the acquisition valuation and the current share price may also contribute to market volatility.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100