US SPAC Route Isn’t Dead for Middle Eastern Startups: ECM Watch

Blank-check mergers have lost much of their appeal after a string of flops, yet Middle Eastern startups haven’t given up on going public in New York this way.

Turkish e-mobility app Marti said Monday it’ll list in New York after striking a deal with a special purpose acquisition company. The move comes even as Dubai-based ride sharing firm Swvl Holdings Corp. and Middle Eastern music-streaming business Anghami Inc. have plunged more than 70% after their post-merger debuts.

Last year’s blank-check craze has swiftly gone from boom to bust, as poor returns, tightening regulatory scrutiny and a shift away from ...