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NEW YORK - Vietnam Biofuels Development Joint Stock Company, along with VCI Holdings Limited and International Media Acquisition Corp. (OTC: IMAQ), announced a definitive merger agreement today. The combined entity, expected to be renamed VI Energy, will be publicly listed on the NASDAQ. IMAQ, currently trading at $10.27, has shown relatively low market volatility with a beta of 0.04, according to InvestingPro data.
The merger values the VCI Biofuels Group, a prominent biofuel manufacturer in Vietnam, at an enterprise value of $1 billion, significantly above IMAQ's current market capitalization of $70.21 million. The deal has received unanimous approval from the boards of all involved parties, pending regulatory and shareholder approvals, among other customary closing conditions. InvestingPro analysis suggests IMAQ is currently fairly valued based on its proprietary Fair Value model.
Navin Sidhu, CEO of VCI Biofuels Group, expressed that the merger aims to expand production capacity, particularly into the sustainable aviation fuel market, which is projected to grow significantly by 2030. He emphasized the strategic advantage of accessing US capital markets for organic expansion and potential acquisitions, anticipating substantial value creation for shareholders and stakeholders. InvestingPro data shows IMAQ maintains a "FAIR" Financial Health score of 2.02, with year-to-date returns of -7.64%. Subscribers can access over 30 additional financial metrics and exclusive ProTips about IMAQ's growth potential.
Yu-Fang Chiu, Chairperson, CEO, and CFO of IMAQ, highlighted the rigorous selection process that led to the partnership with VCI Biofuels Group, noting their decade-long track record in the biofuel and ethanol market in Vietnam. Chiu sees the merger as a means to equip VCI Biofuels Group with the necessary capital market tools to execute their business plans.
Legal advisors for the transaction include Loeb & Loeb LLP, Ogier, and DaHui Lawyers. More details on the merger will be disclosed in an upcoming Current Report on Form 8-K by IMAQ with the Securities and Exchange Commission (SEC), and a joint registration statement will be filed with the SEC as part of the transaction process.
VCI Biofuels Group has been recognized for its innovative approach to chemicals and ethanol production, with a commitment to environmental management and biofuel processing. The merger is anticipated to further consolidate its position in the renewable energy sector.
This press release contains forward-looking statements regarding the anticipated benefits of the merger, growth projections, and the expected performance of the combined company. These statements are based on current management expectations and are subject to various risks and uncertainties that could cause actual results to differ materially.
The proposed transaction will be subject to approval by IMAQ shareholders, and further information will be made available through proxy statements included in the SEC registration statement. It's important to note that this news is based on a press release statement and should not be considered an offer or solicitation for the sale of securities.
In other recent news, International Media Acquisition Corp. (IMAC) has issued a $600,000 promissory note to JC Unify Capital (Holdings) Limited, according to an SEC filing. This unsecured note is convertible into shares of the company's common stock and is intended to cover company expenses, including extending the timeline for an initial business combination. Additionally, IMAC deposited $2,000 into its trust account to extend its merger deadline from April 2, 2025, to May 2, 2025. In another development, IMAC clarified it has not entered into any definitive agreements with a biofuel company, despite recent rumors. The company emphasized ongoing discussions with potential acquisition targets but confirmed no formal agreements have been reached. Furthermore, IMAC has amended promissory notes with Content Creation Media LLC, converting them into common stock shares. Leadership changes were also announced, with Shibasish Sarkar resigning as CEO and Yu-Fang Chiu stepping into the role. These strategic moves highlight IMAC's efforts to manage its financial and operational strategies effectively.
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