Akazoo S.A.
- Based in
- Luxembourg
Akazoo S.A. was a Luxembourg company that traded on the Nasdaq Capital Market under the ticker SONG from 11 September 2019 until it was delisted on 2 June 2020. It was formed by a business combination between Modern Media Acquisition Corp., a Delaware special purpose acquisition company, and Akazoo Limited, a Scottish-registered music streaming group whose consolidated accounts carried a Ghanaian subsidiary and an Africa revenue segment.
On 30 September 2020 the Securities and Exchange Commission filed an emergency fraud action against the company in the Southern District of New York. On 27 October 2021 the court entered an agreed final judgment holding Akazoo S.A. liable for $38.8 million in disgorgement, satisfied by a $35 million payment to investors in related private litigation. The company consented without admitting or denying the allegations.