International Media Acquisition Corp. Announces Exercise and Closing of Over-Allotment Option in Public Offering

Rhea-AI Summary

International Media Acquisition Corp. (Nasdaq: IMAQU) announced the exercise of an over-allotment option from its public offering, leading to an additional issuance of 3,000,000 units. This follows the completion of a $200 million initial public offering on August 2, 2021, bringing total gross proceeds to $230 million. Each unit consists of one share of common stock, one warrant to purchase three-fourths of a share, and one right to receive a fraction of a share upon a business combination. The units started trading on July 29, 2021, on Nasdaq.

Positive

• Total gross proceeds from public offering increased to $230 million.
• Successful exercise of over-allotment option indicates strong market demand.

Negative

• None.

NEW YORK, Aug. 6, 2021 /PRNewswire/ -- International Media Acquisition Corp. (Nasdaq: IMAQU) (the "Company" or "IMAC") today announced the underwriters of its previously announced public offering of units have exercised their over-allotment option resulting in the issuance of an additional 3,000,000 units. 

The units began trading on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "IMAQU" on July 29, 2021. Each unit consists of one share of common stock, one redeemable warrant (with each warrant entitling the holder thereof to purchase three-fourths (3/4) of a share of common stock at a price of $11.50 per whole share), and one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the shares of common stock, redeemable warrants, and rights are expected to be listed on the Nasdaq under the symbols "IMAQ," "IMAQW" and "IMAQR," respectively.

The over-allotment option was granted in connection with the public offering of 20,000,000 units at a public offering price of $10.00 per unit, which closed on August 2, 2021.

IMAC had previously announced the closing of its $200 Million initial public offering on August 2, 2021. With the exercise and closing of the underwriters' over-allotment option, the total gross proceeds from IMAC's initial public offering are $230 Million.

Chardan acted as sole book running manager for 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 recent announcement from International Media Acquisition Corp. regarding its public offering?

International Media Acquisition Corp. announced the exercise of its over-allotment option, resulting in the issuance of an additional 3,000,000 units, increasing total gross proceeds to $230 million.

When did the units from the public offering start trading on Nasdaq?

The units began trading on Nasdaq under the ticker symbol 'IMAQU' on July 29, 2021.

What are the components of a unit from the public offering of IMAQU?

Each unit consists of one share of common stock, one redeemable warrant to purchase three-fourths of a share, and one right to receive one-twentieth of a share upon a business combination.

What were the public offering price and total units offered by International Media Acquisition Corp.?

The public offering price was $10.00 per unit, with a total of 20,000,000 units initially offered.

Who managed the public offering for International Media Acquisition Corp.?

Chardan acted as the sole book running manager for the public offering.