Anghami Stock Rockets 65.65% After Hours Amid Director Appointment, Reverse Stock-Split Approval
Anghami Inc. (NASDAQ:ANGH) experienced a surge of 65.65% in the after-hours trading session on Friday.
Check out the current price of ANGH stock here.
What Happened: The stock of the music streaming platform, Anghami, witnessed an increase in value, reaching $0.77 per share. Earlier, the stock had closed at $0.47 per share, marking a 0.13% dip for the day. This surge in value occurred after the regular trading hours, indicating a strong investor interest in the company.
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On July 23, the company appointed James Cooke, a senior executive from Warner Bros (NASDAQ:WBD), to its Board of Directors—bringing industry expertise and potentially strengthening strategic ties. Additionally, to boost compliance and potentially enhance investor appeal, Anghami shareholders also approved a 1-for-10 reverse stock split.
Why It Matters: This sudden increase in stock value comes after a series of significant events. The addition of Cooke and the company securing a $23 million unsecured convertible note from OSN Streaming Limited, to boost capital flexibility for growth, kept the investors’ confidence high.
Price Action: According to Benzinga Pro data, Anghami jumped 65.65% after hours on Friday, rising by $0.31.
Benzinga’s Edge Stock Rankings highlight ANGH stock has a positive price trend across all time frames. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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