International Media Acquisition in an 8-K said Reliance Entertainment has terminated the parties merger agreement. The deal was scrapped without liability to any of the parties involved.
The letter from Reliance reveals its decision to walk away from the deal was based on the fact that it was not completed by the outside closing date this month. Terms called for Mumbai-based Reliance to receive financial consideration in a series of four tranches, according to a regulatory filing when the deal was announced in October 2022, totaling $102 million in cash and $38 million in investment.
The SPAC in June filed a proxy seeking to push its merger deadline back to Aug. 2, 2024, which would mark three years since its IPO. Read more.
