International Media Acquisition Corp. Announces Closing of $200 Million Initial Public Offering

Rhea-AI Summary

International Media Acquisition Corp. (Nasdaq: IMAQU) has successfully closed its initial public offering (IPO) of 20,000,000 units, raising $200 million at a unit price of $10.00. Each unit consists of one share of common stock, rights to receive a fractional share upon a business combination, and a redeemable warrant. The units started trading on Nasdaq on July 29, 2021, and underwriters have a 45-day option for an additional 3,000,000 units. IMAC is a blank check company aiming to pursue business combinations in the media and entertainment sectors across North America, Europe, and Asia (excluding China).

Positive

• Raised $200 million through IPO, providing significant capital for future business combinations.
• No restrictions on target industries or regions enhance strategic flexibility.
• Potential for market expansion as a blank check company targeting media and entertainment sectors.

Negative

• None.

NEW YORK, Aug. 2, 2021 /PRNewswire/ -- International Media Acquisition Corp. (Nasdaq: IMAQU) (the "Company" or "IMAC") today announced the closing of its initial public offering of 20,000,000 units.  The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $200,000,000, prior to deducting underwriting discounts, commissions, and other offering expenses.  Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of a share of common stock at a price of $11.50 per whole share.

The units began trading on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "IMAQU" on July 29, 2021. Once 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 underwriters have been granted 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.

Chardan acted as sole book-running manager in the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on July 28, 2021. The offering was made only by means of a prospectus, copies of which 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.

This press release shall not constitute an offer to sell or a 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.

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.

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 search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. 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.

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 IPO amount raised by International Media Acquisition Corp. on August 2, 2021?

International Media Acquisition Corp. raised $200 million through its IPO.

When did International Media Acquisition Corp. begin trading on Nasdaq under the ticker symbol IMAQU?

International Media Acquisition Corp. began trading on Nasdaq on July 29, 2021.

What does each unit from International Media Acquisition Corp.'s IPO consist of?

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

Is there a provision for over-allotment in the IPO by International Media Acquisition Corp.?

Yes, the underwriters have a 45-day option to purchase up to an additional 3,000,000 units.

What industries is International Media Acquisition Corp. targeting for its business combinations?

IMAC plans to target companies in the media and entertainment industries across North America, Europe, and Asia (excluding China).