International Media Acquisition Corp. (IMAQ), a company focused on services within the motion picture and video tape production industry with a current market capitalization of $84.63 million, has announced an extension for the time allocated to finalize a business combination.
On Wednesday, the company deposited $20,000 into a trust account to extend the deadline from December 2, 2024, to January 2, 2025.
This strategic move allows IMAQ additional time to secure a merger or business combination, as disclosed in a recent filing with the Securities and Exchange Commission. According to InvestingPro data, the company currently faces financial challenges with a concerning current ratio of 0.01, indicating that short-term obligations exceed liquid assets. The deposit to the trust account is a common practice for companies seeking to buy more time to complete significant corporate transactions.
IMAQ, which is based in North Brunswick (NYSE:BC), New Jersey, has not yet named a potential merger partner or provided details about any ongoing negotiations. The company's actions are in line with standard procedures for publicly-traded entities that are navigating the complexities of mergers and acquisitions.
In other recent news, International Media Acquisition Corp. has announced an extension of its merger deadline. The company deposited an additional $20,000 into its trust account to extend the deadline, first from October 2, 2024, to November 2, 2024, and then further to December 2, 2024. This strategic move allows the company additional time to secure a suitable business combination partner.
In response to non-compliance with Nasdaq listing rules due to a delay in filing its annual report, the company now has 60 days to provide a compliance plan. On the board of directors, Mr. Yao Chin Chen has stepped down, making way for Mr. Hsu-Kao Cheng, Mr. Tao-Chou Chang, and Mr. Ming-Hsien Hsu.
Furthermore, the terms of previously issued unsecured promissory notes with JC Unify Capital (Holdings) Limited have been amended. This amendment grants JC Unify the right to convert these notes into units of the company's common stock and associated rights immediately prior to the closing of a business combination.
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