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Akazoo completes merger with Modern Media

Akazoo Ltd. completed its merger with Modern Media Acquisition Corp., with the two entities combining into a new holding company.

The combined entity, which will be called Akazoo SA, expects to commence trading Sept. 11 on the Nasdaq Stock Market under the ticker symbol SONG. Akazoo founder and CEO Apostolos Zervos will continue as the founder and CEO of the combined company, while Modern Media Chairman and CEO Lew Dickey will become the combined entity's chairman.

Akazoo SA also raised about $55 million in new capital to fund the company's growth initiatives and for general corporate purposes.

Loeb & Loeb LLP, Phanar Legal and Arendt & Medernach SA were legal counsel to Akazoo. Macquarie Capital was lead financial adviser and Advection Growth Capital was a placement agent. Jones Day and Greenberg Traurig LLP were legal counsel to Modern Media.