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.
![IMAC IMAC](https://mma.prnewswire.com/media/1586839/imac_Logo.jpg)
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.