International Media Acquisition in an 8-K said it deposited $20,000 to cover a one-month extension to May 2.
The SPAC in February 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 are being 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, provided the monthly deposits into trust continue to be made.
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.
