AVN cancels planned SPAC Nasdaq listing

AVN, a subsidiary of media company PT MNC Vision Networks, had planned to list its shares on Nasdaq through a merger with Malacca Straits Acquisition Company, a special purpose acquisition company (SPAC) that trades on Nasdaq as MLAC. (File ic gives a view of the exterior of the Nasdaq market site in the Manhattan borough of New York City.)

JAKARTA: PT Asia Vision Network (AVN) has called off a merger with a blank cheque company and thus also scrapped a plan to list its shares through on Nasdaq, the United States stock exchange popular among technology companies.

AVN, a subsidiary of media company PT MNC Vision Networks, had planned to list its shares on Nasdaq through a merger with Malacca Straits Acquisition Company, a special purpose acquisition company (SPAC) that trades on Nasdaq as MLAC.

MNC Vision Networks corporate secretary Muharzi Hasril said AVN decided to cancel its planned merger and listing because of a fall in share prices, due to an overcrowded market and this year’s boom in SPAC transactions on Nasdaq.