International Media Acquisition in a proxy filing says it wants to push its merger deadline back to Aug. 2, 2024, which would mark three years since its IPO.
The SPAC has a merger agreement with India-based Reliance Entertainment Studios Private Limited. Terms call for Mumbai-based Reliance to receive financial consideration in a series of four tranches, according to a regulatory filing when the deal was announced last October, totaling $102 million in cash and $38 million in investment.
This would be the SPAC’s second deal extension since January.
Reliance produces films, web series, digital and mobile offerings, as well as gaming.
The proxy also calls for the SPAC to sweeten the trust for each monthly extension if the proposal is approved, although the amount of those deposits has not yet been published. Read more.
