International Media Acquisition Selling Most of Sponsor Stake to JC Unify Capital

International Media Acquisition in an 8-K said it into a securities purchase agreement with JC Unify Capital (Holdings) Limited. The SPAC’s sponsor will sell 4,125,000 shares of common stock and 597,675 private placement units, which represents 75% of the securities owned by the sponsor, for an aggregate purchase price of $1.

The SPAC last month disclosed Reliance Entertainment had terminated the parties merger agreement.

A letter from Reliance revealed its decision to walk away from the deal was based on the fact that it was not completed by the outside closing date in October.

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. 

International Media raised $200 million in August 2021 to focus on North America, Europe and Asia for target companies within the media and entertainment sector. Read more.

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