Akazoo Ltd. has merged their music streaming company with Modern Media Acquisition Corp. to become Akazoo S.A..
The combined companies now have a strong international position for their global music streaming platform and technology company. They’ve raised $55 million in new capital and along with their shareholders their equity is now in $380 million of common shares.
They operate their music streaming service in 25 countries currently and have prioritised emerging music markets in attempts to corner them before large, global competitors. They’re now trading on the NASDAQ under the symbol ‘SONG’.
Akazoo Ltd. CEO and founder, Apostolos N. Zervos said: “We are excited to complete this transaction and transition to public company status and welcome our new shareholders. With the backing of strong strategic partners, favourable industry trends and a debt-free balance sheet, we are ready to accelerate our organic growth, further develop our Sonic AI technology and launch highly innovative growth initiatives.
He continued: “Additionally, our new public currency will allow us to grow through valuable industry acquisitions and consolidation.”