Dubai's SHUAA Capital files with SEC for potential SPAC listing in NY

Anghami

08/02/2022 05:05

DUBAI, Feb 8 (Reuters) - Dubai-listed investment bank SHUAA
Capital  SHUA.DU  said on Tuesday it has filed a registration
statement with the U.S. Securities and Exchange Commission for
the launch of a $100 million to $200 million blank-check company
that will be listed on the Nasdaq.
    "SHUAA is now going through the final regulatory approvals
following which a decision will be made to IPO the SPAC (special
purpose acquisition company)," it said in a bourse statement.  
    A burgeoning dealmaking instrument, SPACs raise money to
acquire a private firm with the purpose of taking it public,
allowing the target to list more quickly on share markets than
via traditional initial public offerings.  
    Abu Dhabi-headquartered Anghami, the Middle East's rival to
Spotify  SPOT.N , last week listed on the Nasdaq, after merging
with blank-check firm Vistas Media Acquisition Company.
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 (Reporting by Hadeel Al Sayegh; Editing by Shailesh Kuber)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))