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International Media Acquisition Corp. (IMAQ), a $71.85 million market cap company currently trading at $10.51, has announced significant corporate changes, including amendments to its outstanding promissory notes, leadership transitions, and lock-up agreements, as detailed in a recent SEC Form 8-K filing. According to InvestingPro analysis, the company’s overall financial health score stands at WEAK, with current obligations exceeding liquid assets.
On Monday, IMAQ entered into amendments with Content Creation Media LLC, converting four promissory notes into shares of common stock. These amendments will settle all outstanding amounts owed under the prior notes, with the Sponsor receiving a total of 206,656 shares after a business combination is completed, subject to a 12-month lock-up agreement.
Concurrently, IMAQ reported the resignation of Mr. Shibasish Sarkar as Chief Executive Officer and Class I director, effective immediately. Mr. Sarkar’s departure was not due to any disagreement with the company. Following this, Ms. Yu-Fang Chiu has been appointed as the new Chief Executive Officer, Chief Financial Officer, and Chairman of the Board. Ms. Chiu’s experience spans various leadership roles in companies such as Joint Consulting CO., LTD, and Insun Enterprise Co. The stock is currently trading near its 52-week low of $10, showing a negative return of -6.99% over the past year.
Additionally, IMAQ has entered into lock-up agreements with the Sponsor and Ontogeny Capital LTD, which restrict the sale of IMAQ shares held by these parties for 12 months post-business combination. InvestingPro subscribers have access to 6 additional key insights about IMAQ’s financial position and market performance, helping investors make more informed decisions about the company’s prospects. Moreover, the Buyer, JC Unify Capital (Holdings) Limited, has agreed to join the Stock Escrow Agreement as an Initial Stockholder, as per the Joinder Agreement dated Monday.
In another development, IMAQ has terminated indemnity agreements with former directors Shibasish Sarkar and Vishwas Joshi, aligning with the provisions of a previously disclosed Securities Purchase Agreement.
Furthermore, IMAQ has made an Extension Payment to its trust account, extending the deadline to consummate an initial business combination from March 2, 2025, to April 2, 2025.
These corporate actions are part of IMAQ’s strategic efforts to strengthen its financial position and leadership structure as it moves forward with its business objectives. For comprehensive analysis of IMAQ’s financial metrics, valuation, and growth potential, consider subscribing to InvestingPro, which offers exclusive insights and advanced analytical tools. The information is based on a press release statement from the SEC filing.
In other recent news, International Media Acquisition Corp. (IMAC) has extended its deadline for completing an initial business combination. The company announced this extension in a recent SEC filing, noting that a $2,000 deposit was made into its trust account to push the deadline from February 2, 2025, to March 2, 2025. This extension is a strategic move as IMAC continues to seek potential business combinations. Additionally, following a shareholder meeting, the deadline for an initial business combination was extended further from January 2, 2025, to January 2, 2027. This extension allows for twenty-four additional one-month periods, each contingent on a $2,000 deposit into the trust account. Shareholders also approved amendments to the Investment Management Trust Agreement and the company’s articles of incorporation and bylaws. As part of these corporate changes, Shibasish Sarkar was elected as a director. IMAC remains focused on fulfilling its reporting and regulatory obligations while exploring business opportunities.
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