International Media Acquisition, which changed ownership in November, said in an 8-K that the new sponsor has agreeted to buy 657,675 private placement warrants — up from the previously announced 597,675.
JC Unify Capital, which acquired most of the sponsor’s stake, will still buy 4,125,000 shares of common stock. That remains unchanged. JC Unify Capital will also issue a $1.3 million promissory note to the SPAC, which in turn would issue 100,000 new units and 847,675 shares at the closing of a business combination.
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.
International Media in October last year 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. Read more.
