International Media Acquisition Corp. announces closing of $200 mn Initial Public Offering

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Imac

International Media Acquisition Corp. (Nasdaq: IMAQU) (the “Company” or “IMAC”) today announced the closing of its initial public offering of 20,000,000 units. The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $200,000,000, prior to deducting underwriting discounts, commissions, and other offering expenses.  Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of a share of common stock at a price of $11.50 per whole share. After the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on NASDAQ under the symbols “IMAQ,” “IMAQR” and “IMAQW,” respectively. The offering is expected to close on August 2, 2021.

The units began trading on The Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “IMAQU” on July 29, 2021. Once the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on Nasdaq under the symbols “IMAQ,” “IMAQR” and “IMAQW,” respectively.

The underwriters have been granted a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments if any.

CChardan is acting as sole book-running manager of the offering. IMAC has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 28, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.