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International Media Acquisition Corp. (IMAQ), a Delaware-incorporated company with a current market capitalization of $70.28 million and trading at $10.35 per share, has announced an extension for completing its initial business combination. The company, which is in the motion picture and video tape production industry, reported on Wednesday that it has deposited $2,000 into a trust account to extend the deadline from May 2, 2025, to June 2, 2025.
This strategic move allows International Media Acquisition Corp. an additional month to finalize a merger or acquisition, as per the information disclosed in their recent SEC filing. According to InvestingPro data, the company is currently trading near its 52-week low of $10.00, with negative earnings per share of -$0.10 over the last twelve months. The company’s securities, including common stock, warrants, rights, and units, are currently not listed on any exchange.
The trust account deposit represents a commitment by IMAQ to its shareholders and potential business partners that it is actively working towards a business combination. The extension payment ensures that the company remains in compliance with its timeline obligations as it seeks to consummate a merger or acquisition.
The filing also included a cover page interactive data file as an exhibit, which is embedded within the Inline XBRL document. The signature on the filing was provided by Yu-Fang Chiu, the Chief Executive Officer and Chief Financial Officer of International Media Acquisition Corp.
The information in this article is based on a press release statement from International Media Acquisition Corp. and provides a factual summary of the company’s recent SEC filing without offering opinions or speculation on the potential outcomes of the extended deadline. For deeper insights into IMAQ’s financial health and additional metrics, including 6 more exclusive ProTips, consider subscribing to InvestingPro.
In other recent news, Vietnam Biofuels Development Joint Stock Company has announced a definitive merger agreement with VCI Holdings Limited and International Media Acquisition Corp. (IMAQ). The merger, valued at $1 billion, will see the combined entity listed on NASDAQ under the name VI Energy, pending regulatory and shareholder approvals. Meanwhile, International Media Acquisition Corp. has issued a $600,000 promissory note to JC Unify Capital (Holdings) Limited, which is convertible into company stock units. This financial move is aimed at supporting company expenses and extending the deadline for completing an initial business combination.
Additionally, IMAQ has made significant corporate changes, including the resignation of CEO Shibasish Sarkar and the appointment of Yu-Fang Chiu as the new CEO. The company also clarified that no definitive agreement has been made with a biofuel company, despite ongoing discussions with potential acquisition targets. Furthermore, IMAQ has extended the deadline for its initial business combination from February 2, 2025, to March 2, 2025, by depositing $2,000 into its trust account. These developments reflect IMAQ’s strategic efforts to strengthen its financial position and leadership as it navigates potential business combinations.
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