International Media Acquisition in a regulatory filing said shareholders approved a deadline extension in monthly increments up to January 2025. The company deposited $20,000 for the first extension up to Feb. 2.
The redemption of 934,193 shares claimed about 11% of the 8,456,623 shares outstanding as of the record date for the meeting.
The SPAC in November sold most of its sponsor stake to JC Unify Capital (Holdings) Limited.
International Media in October disclosed that 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.
The SPAc originally 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.
