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International Media Acquisition Corp. (IMAQ), a Delaware-based company specializing in motion picture and video tape production with a market capitalization of $71.85 million, has made a recent statement clarifying its position regarding a potential transaction with a biofuel development company. The statement, released on Tuesday, comes in response to a news report suggesting that IMAQ had entered into a definitive agreement with the unnamed biofuel company.
According to the SEC filing dated March 18, 2025, IMAQ has not entered into any definitive agreement, forward purchase agreements, or private investment in public equity (PIPE) transactions related to the rumored deal. The company has confirmed that while it is engaged in ongoing discussions with potential acquisition targets, no formal agreements have been finalized.
IMAQ’s announcement serves to correct the record and provide transparency to its investors and the public. The company is currently listed as an emerging growth company and has not registered its common stock, warrants, rights, or units on any exchange. According to InvestingPro analysis, IMAQ currently shows a WEAK financial health score, with short-term obligations exceeding liquid assets.
This clarification is an important piece of information for investors and stakeholders, as it directly addresses the accuracy of market rumors and their potential impact on investment decisions. InvestingPro subscribers can access additional insights, including 6 key ProTips and comprehensive financial metrics to better evaluate IMAQ’s investment potential. IMAQ emphasizes its commitment to keeping the market informed of any significant corporate developments in compliance with SEC regulations.
The information provided in this article is based on the latest SEC filing by International Media Acquisition Corp.
In other recent news, International Media Acquisition Corp. (IMAQ) has made several key announcements, including changes to its financial and leadership structures. The company has extended the deadline for completing its initial business combination from March 2, 2025, to April 2, 2025, following a $2,000 deposit into its trust account. This extension is part of a series of amendments approved by shareholders, which allow for additional one-month extensions up to January 2, 2027. In a significant leadership change, Shibasish Sarkar has resigned as CEO and director, with Yu-Fang Chiu stepping in as the new Chief Executive Officer, Chief Financial Officer, and Chairman of the Board. The company has also converted promissory notes into shares of common stock, resulting in the issuance of 206,656 shares under a 12-month lock-up agreement. Additionally, IMAQ has terminated indemnity agreements with former directors and entered into new lock-up agreements with key stakeholders. These developments are part of IMAQ’s strategic efforts to align its corporate structure with its business goals.
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