Anghami Inc. announced that it has entered into a securities purchase agreement to issue a convertible note at a price of $5,000,000 for the gross proceeds of $5,000,000 on August 16, 2023. The transaction will include participation from new investor, Saudi Research and Media Group. The convertible note has a coupon rate of 11%.

The note is convertible into 2,000,000 ordinary shares of the company at a conversion price of $2.50.