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.