Modern Media Acquisition Corp. Announces Satisfaction of Minimum Cash Condition
MODERN MEDIA ACQUISITION CORP COMMON (MMDM)
US:NASDAQ Investor Relations:
nasdaq.com/markets/ipos/company/modern-media-acquisition-corp-1017492-83039
Company Research
Source: Business Wire
ATLANTA--(BUSINESS WIRE)--Modern Media Acquisition Corp. (NASDAQ: MMDM) (“MMAC” or the “Company”) today announced that the minimum cash condition to its pending business combination with Akazoo Limited (“Akazoo”) has been satisfied. Accordingly, MMAC is on track to complete the business combination as planned on or before the completion deadline of September 17, 2019.On January 24, 2019, MMAC entered into a business transaction agreement to combine with Akazoo, a global digital music streaming platform, into one new, publicly traded entity named “Akazoo S.A.” In the business combination, each share of MMAC common stock will convert into the right to receive one Akazoo S.A. ordinary share and each warrant to purchase MMAC common stock will convert into a warrant to purchase one Akazoo S.A. ordinary share having substantially the same terms and conditions as the MMAC warrants.The conditions to consummation of the business combination included a requirement that MMAC have at least $5
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