International Media Acquisition in an 8-K said it deposited $20,000 to cover a one-month extension to July 2.
The SPAC in November sold most of its sponsor stake to JC Unify. Shareholders in March approved a deadline extension to January 2025, provided the monthly deposits into trust continue to be made.
The SPAC in February issued an unsecured convertible promissory note of up to $530,000 to the new sponsor, 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.
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.
