International Media Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering on NASDAQ

Rhea-AI Summary

International Media Acquisition Corp. (IMAC) announced the pricing of its initial public offering with 20 million units at $10.00 each. The trading will commence on NASDAQ under the ticker symbol IMAQU on July 29, 2021. Each unit includes one share of common stock, a right to receive one-twentieth of a share, and a redeemable warrant to purchase three-fourths of a share at $11.50. The offering is set to close on August 2, 2021. Chardan is serving as the sole book-running manager, with an option for underwriters to purchase an additional 3 million units.

Positive

• Successfully priced IPO for $200 million, indicating strong investor interest.
• Potential for market expansion in media and entertainment across North America, Europe, and Asia.

Negative

• Dependence on successful identification and consummation of a business combination poses risks.
• Forward-looking statements highlight uncertainties in future operations.

NEW YORK, July 28, 2021 /PRNewswire/ -- International Media Acquisition Corp. ("IMAC") announced today the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market ("NASDAQ") and trade under the ticker symbol "IMAQU" beginning on July 29, 2021. Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share. After the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on NASDAQ under the symbols "IMAQ," "IMAQR" and "IMAQW," respectively. The offering is expected to close on August 2, 2021.

Chardan is acting as sole book-running manager of the offering. IMAC has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on July 28, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

About International Media Acquisition Corp.
IMAC is led by founder Shibasish Sarkar (CEO).  IMAC is a blank check company formed for the purpose of effecting a business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region its target operates in, IMAC intends to pursue prospective targets in North America, Europe and Asia (excluding China) in the media and entertainment industry. The proceeds of the offering will be used to fund such business combination.

Cautionary Note Concerning Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of IMAC's initial public offering and search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. IMAC expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in IMAC's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

IMAC Contact:
Fatema Nagree
International Media Acquisition Corp.
+91 9867661126
fatema@imac.org.in

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SOURCE International Media Acquisition Corp.

FAQ

What is the pricing of IMAC's initial public offering?

IMAC's IPO is priced at $10.00 per unit.

When will IMAC start trading on NASDAQ?

IMAC will begin trading on NASDAQ under the ticker symbol IMAQU on July 29, 2021.

What does each unit in IMAC's IPO consist of?

Each unit consists of one share of common stock, a right to receive one-twentieth of a share, and a redeemable warrant.

What is the expected closing date for IMAC's offering?

The offering is expected to close on August 2, 2021.

Who is managing IMAC's initial public offering?

Chardan is acting as the sole book-running manager of the offering.