Arabic streaming music provider Anghami (NASDAQ:ANGH) stock hit a 52-week low on Monday afternoon, with shares trading around 50% below their pre-SPAC merger price.
Shares of Anghami opened at $6.37, recently changing hands at $5.02, down 22%, at approximately 2:10 p.m. ET. Earlier in the session, the stock hit a 52-week low of $4.78.
Anghami went public through a merger with SPAC Vistas Media on Feb. 4. The stock closed at $9.83 on Feb. 3, the last session before the combined company made its market debut. Shares hit a 52-week high two weeks later on Feb. 17 of $33.13.
The stock rallied on Friday following news that it had renewed a marketing agreement with regional content provider MBC.