International Media Acquisition Corp. Announces Receipt of Nasdaq Delisting Notice
International Media Acquisition Corp. (IMAQ) has received a delisting notification from Nasdaq due to its failure to complete a business combination within 36 months of its IPO registration statement's effectiveness. The company also failed to timely file its Form 10-K for the year ended March 31, 2024. If delisted, IMAQ's securities are expected to trade over-the-counter. However, IMAQ intends to apply for Nasdaq listing in connection with a potential future business combination.
Despite the delisting notice, IMAQ has deposited $20,000 into its trust account to extend the deadline for completing an initial business combination from August 2, 2024, to September 2, 2024. The company emphasizes that the delisting of the SPAC should not prevent a combined entity from receiving initial listing approval on Nasdaq, assuming it meets the typical deSPAC company requirements.
International Media Acquisition Corp. (IMAQ) ha ricevuto una notifica di delisting da Nasdaq a causa della sua incapacità di completare una combinazione aziendale entro 36 mesi dall'efficacia della sua registrazione IPO. L'azienda non ha nemmeno presentato tempestivamente il suo Modulo 10-K per l'anno terminato il 31 marzo 2024. Se esclusi, i titoli di IMAQ si prevede che verranno negoziati sul mercato over-the-counter. Tuttavia, IMAQ intende fare richiesta per la quotazione su Nasdaq in relazione a una potenziale futura combinazione aziendale.
Nonostante la notifica di delisting, IMAQ ha depositato $20,000 nel suo conto fiduciario per estendere la scadenza per completare una combinazione aziendale iniziale dal 2 agosto 2024 al 2 settembre 2024. L'azienda sottolinea che il delisting dell'SPAC non dovrebbe impedire a un'entità combinata di ricevere l'approvazione iniziale per la quotazione su Nasdaq, sempre che soddisfi i requisiti tipici delle aziende deSPAC.
International Media Acquisition Corp. (IMAQ) ha recibido una notificación de desliste de Nasdaq debido a su incapacidad para completar una combinación empresarial dentro de los 36 meses de la efectividad de su declaración de registro de IPO. La compañía también falló en presentar a tiempo su Formulario 10-K para el año que terminó el 31 de marzo de 2024. Si se deslista, se espera que los valores de IMAQ se negociarán en el mercado extrabursátil. Sin embargo, IMAQ tiene la intención de solicitar una cotización en Nasdaq en relación con una potencial combinación empresarial futura.
A pesar del aviso de desliste, IMAQ ha depositado $20,000 en su cuenta fiduciaria para extender la fecha límite para completar una combinación empresarial inicial desde el 2 de agosto de 2024 hasta el 2 de septiembre de 2024. La compañía subraya que el desliste del SPAC no debería impedir que una entidad combinada reciba la aprobación inicial de cotización en Nasdaq, siempre que cumpla con los requisitos típicos de las empresas de deSPAC.
International Media Acquisition Corp. (IMAQ)는 IPO 등록서 효력 발효 후 36개월 이내에 사업 조합을 완료하지 못해 Nasdaq로부터 상장 폐지 통지를 받았습니다. 이 회사는 2024년 3월 31일로 종료되는 연도의 10-K 양식을 제때 제출하지도 않았습니다. 상장 폐지될 경우 IMAQ의 증권은 장외 거래로 예상됩니다. 그러나 IMAQ는 잠재적인 향후 사업 조합과 관련하여 Nasdaq 상장을 신청할 계획입니다.
상장 폐지 통보에도 불구하고, IMAQ는 초기 사업 조합 완료 기한을 2024년 8월 2일에서 2024년 9월 2일로 연장하기 위해 신탁 계좌에 $20,000를 예치했습니다. 이 회사는 SPAC의 상장 폐지가 결합된 실체가 Nasdaq에서 초기 상장 승인을 받는 것을 방해하지 않아야 한다고 강조하며, 일반적으로 deSPAC 회사 요구 사항을 충족해야 함을 전제로 합니다.
International Media Acquisition Corp. (IMAQ) a reçu une notification de radiation de la part de Nasdaq en raison de son incapacité à finaliser une combinaison d'entreprise dans les 36 mois suivant l'entrée en vigueur de sa déclaration d'enregistrement IPO. La société n'a également pas soumis à temps son Formulaire 10-K pour l'année se terminant le 31 mars 2024. En cas de radiation, les titres de IMAQ devraient être négociés de gré à gré. Cependant, IMAQ a l'intention de demander l'inscription à Nasdaq dans le cadre d'une éventuelle combinaison d'entreprise future.
Malgré l'avis de radiation, IMAQ a déposé 20 000 $ sur son compte fiduciaire pour prolonger le délai d'achèvement d'une combinaison d'entreprise initiale du 2 août 2024 au 2 septembre 2024. La société souligne que la radiation du SPAC ne devrait pas empêcher une entité combinée de recevoir l'approbation initiale pour l'inscription sur Nasdaq, à condition qu'elle réponde aux exigences typiques des entreprises de deSPAC.
Die International Media Acquisition Corp. (IMAQ) hat eine Delist-Benachrichtigung von Nasdaq erhalten, da es versäumt hat, innerhalb von 36 Monaten nach Inkrafttreten seines IPO-Registrierungsantrags eine Unternehmenszusammenführung abzuschließen. Das Unternehmen hat auch versäumt, fristgerecht sein Formular 10-K für das am 31. März 2024 endende Jahr einzureichen. Bei einem Delisting werden die Wertpapiere von IMAQ voraussichtlich im außerbörslichen Handel gehandelt. IMAQ beabsichtigt jedoch, einen Antrag auf Nasdaq-Listung in Verbindung mit einer potenziellen zukünftigen Unternehmenszusammenführung zu stellen.
Trotz der Delist-Benachrichtigung hat IMAQ $20,000 auf sein Treuhandkonto eingezahlt, um die Frist zu verlängern für den Abschluss einer ersten Unternehmenszusammenführung vom 2. August 2024 auf den 2. September 2024. Das Unternehmen betont, dass das Delisting des SPAC nicht verhindern sollte, dass eine fusionierte Einheit die Genehmigung für eine erste Listung bei Nasdaq erhält, vorausgesetzt, sie erfüllt die typischen Anforderungen an deSPAC-Unternehmen.
- IMAQ extended its deadline to complete a business combination until September 2, 2024
- The company intends to apply for Nasdaq listing in connection with a potential future business combination
- Delisting of the SPAC is not expected to preclude a future combined entity from listing on Nasdaq
- IMAQ received a delisting notification from Nasdaq
- The company failed to complete a business combination within the required 36-month timeframe
- IMAQ failed to timely file its Form 10-K for the year ended March 31, 2024
- If delisted, IMAQ's securities are expected to trade over-the-counter, potentially reducing liquidity
Insights
The delisting notice from Nasdaq for IMAQ is a significant red flag for investors. This stems from two critical issues: failure to complete a business combination within the required 36-month timeframe and non-compliance with financial reporting requirements. These factors indicate substantial risks for shareholders.
The company's
While the company mentions potential OTC trading and future Nasdaq listing post-combination, investors should view these as highly uncertain outcomes. The lack of timely financial reporting raises questions about the company's internal controls and transparency, further compounding investor risk.
The delisting notice presents significant legal and regulatory challenges for IMAQ. Non-compliance with Nasdaq's listing requirements, particularly the failure to complete a business combination within the stipulated timeframe, puts the company in a precarious position.
The missed filing deadlines for Form 10-K reports are serious violations of SEC regulations, potentially exposing the company to regulatory scrutiny and shareholder litigation. These issues raise concerns about the company's governance and compliance practices.
While IMAQ suggests potential for future listing post-combination, this path is fraught with legal hurdles. Any prospective merger partner would need to conduct extensive due diligence, considering these compliance issues. Shareholders should be wary of potential dilution or unfavorable terms in any hasty deal to avoid delisting.
IMAQ's situation reflects broader challenges in the SPAC market. The inability to secure a merger within 36 months indicates a tough environment for deal-making, likely due to market conditions and regulatory scrutiny. This trend is not unique to IMAQ but symptomatic of the cooling SPAC boom.
The company's minimal
Investors should note the increasing skepticism towards SPACs without clear merger prospects. The potential move to OTC markets could result in reduced liquidity and investor interest. While a future Nasdaq listing post-combination is possible, the current trajectory suggests a challenging path ahead for IMAQ and its shareholders.
NEW YORK, NY / ACCESSWIRE / August 5, 2024 / International Media Acquisition Corp. (the "Company" or "IMAQ") (NASDAQ:IMAQ) today announced that it received a delisting notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on July 30, 2024.
The delisting determination arises from the Company's failure to complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by July 28, 2024, the Company did not comply with IM-5101-2 and its securities are subject to delisting.
The Company has also failed to timely file its Form 10-K for the year ended March 31, 2024, and Form 10-K, in breach of Listing Rule 5810(d)(2).
In the event the Company's securities are delisted from Nasdaq, its securities are expected to trade over-the-counter. The Company intends to apply to list on Nasdaq in connection with the closing of a potential business combination. Furthermore, the delisting of the SPAC is not expected to preclude the combined entity, or the deSPAC entity, from receiving initial listing approval for listing on the Nasdaq Stock Market, assuming that it meets the initial listing requirements typical for a deSPAC company.
On August 5, 2024, IMAQ made a deposit of
About International Media Acquisition Corp. International Media Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region (excluding China).
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 search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company 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 the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as may be required by law.
Company Contact: International Media Acquisition Corp., Priyanka Agarwal
Email: investors@imac.org.in
SOURCE: International Media Acquisition Corp.
View the original press release on accesswire.com
FAQ
Why did International Media Acquisition Corp. (IMAQ) receive a delisting notice from Nasdaq?
What is the new deadline for IMAQ to complete a business combination?
What happens to IMAQ's stock if it gets delisted from Nasdaq?
Can IMAQ still list on Nasdaq after a potential business combination despite the current delisting notice?
