International Media Acquisition Issues $530K Convertible Note to Sponsor JC Unify Capital 

International Media Acquisition in an 8-K said it issued an unsecured convertible promissory note of up to $530,000 to new sponsor JC Unify Capital, which can convert any portion of the principal into the SPAC’s units.

The funds will be used to cover extension deposits and for working capital.

The SPAC in November sold most of its sponsor stake to JC Unify. Shareholders last month approved a deadline extension to January 2025.

International Media originally raised $200 million in August 2021 to focus on North America, Europe and Asia for target companies within the media and entertainment sector. Redemptions since then have lowered the SPAc’s market cap to just over $85 million. Read more.

 

Total
0
Shares
Related Posts
Read More

Finnovate Acquisition Taps Sponsor for $1.5M Loan

Finnovate in August announced a deal with Scage International Limited at a post-combination valuation of $1 billion. Headquartered in Nanjing, China,. Scage is a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and e-fuel solutions.