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.
