International Media Acquisition Corp. (IMAC) has announced an extension for completing its initial business combination. The special purpose acquisition company, currently trading at $10.89 with a market capitalization of $81.92 million, disclosed in a recent SEC filing that it has deposited $2,000 into its trust account to extend the deadline from February 2, 2025, to March 2, 2025.
The North Brunswick (NYSE:BC), New Jersey-based company, which operates under the services-motion picture & video tape production industry, is now granted an additional month to secure a merger or acquisition deal. This decision comes as IMAC continues to explore potential business combinations in alignment with its strategic objectives.
This extension is a common move for special purpose acquisition companies (SPACs) like IMAC, which often require more time to finalize negotiations and due diligence processes with target companies. The trust account deposit is a condition for obtaining such an extension, providing assurance to investors and stakeholders that efforts to secure a business combination are ongoing.
IMAC, which has not listed its securities on any exchange, is an emerging growth company and has not elected to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. According to InvestingPro data, the company is not currently profitable, with additional financial insights available to subscribers.
The company's CEO, Shibasish Sarkar, signed off on the SEC filing, affirming the company's commitment to fulfilling its reporting and regulatory obligations. As IMAC continues its search for a suitable business combination, the market will be closely watching for further developments.
This information is based on a press release statement from the SEC filing by International Media Acquisition Corp.
In other recent news, International Media Acquisition Corp. has extended its merger deadline, providing the firm with additional time to finalize a business combination. The company has deposited an additional $20,000 into its trust account as part of this strategic move. Analysts from InvestingPro note that the firm is currently facing financial challenges, as short-term obligations exceed liquid assets.
The company has also made amendments to its Investment Management Trust Agreement and its articles of incorporation and bylaws. In addition, the firm has seen changes in its board of directors, with Shibasish Sarkar elected as a new director and the departure of Yao Chin Chen, replaced by Hsu-Kao Cheng, Tao-Chou Chang, and Ming-Hsien Hsu.
Furthermore, the terms of previously issued unsecured promissory notes with JC Unify Capital (Holdings) Limited have been revised, granting JC Unify the right to convert these notes into units of the company's common stock and associated rights immediately prior to the closing of a business combination.
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