DUBAI – Dubai-listed investment bank SHUAA Capital 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, last week listed on the Nasdaq, after merging with blank-check firm Vistas Media Acquisition Company.
(Reporting by Hadeel Al Sayegh; Editing by Shailesh Kuber)