On October 11, 2023, Anghami Inc. (NASDAQ:ANGH) (the “Company” or “Anghami”), the leading streaming platform for music and entertainment in the Middle East and North Africa region (MENA), received a written notification (the “Notification Letter”) from The Nasdaq Stock Market (“Nasdaq”), notifying the Company that it is currently not in compliance with the listing requirement of the minimum Market Value of Publicly Held Shares (“MVPHS”) set forth in Nasdaq Listing Rules for continued listing on The Nasdaq Global Market.
Nasdaq Listing Rule 5450(b)(2)(C) requires companies to maintain a minimum market value of publicly held shares of US$15,000,000 and Nasdaq Listing Rule 5810(c)(3)(D) which provides that a failure to meet the minimum market value of publicly held shares requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the market value of publicly held shares of the Company from August 29, 2023, to October 10, 2023, the Company did not meet the minimum market value requirement.
In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided 180 calendar days, or until April 8, 2024, to regain compliance. To regain compliance, the Company’s minimum market value of publicly held shares must close at $15,000,000 or more for a minimum of 10 consecutive business days prior to April 8, 2024. In the event the Company does not regain compliance with the MVPHS Requirement prior to the end of the compliance period, Nasdaq will notify the Company that its securities are subject to delisting, at which point the Company may appeal the delisting determination to a Nasdaq hearings panel.
It is noted that Anghami’s continued listing on Nasdaq remains a key priority. Furthermore, the Notification Letter has no immediate effect on the Anghami‘s Nasdaq listing or the trading of its Ordinary Shares on Nasdaq, and the Company continues to execute its business plan and is looking into various options available to regain compliance.
