: Intl Media Acquisition Corp. announces exercise, closing of over-allotment option in public offering #IndiaNEWS #Business New York, Aug 7 | International Media Acquisition Corp. announced the underwriters

Intl Media Acquisition Corp. announces exercise, closing of over-allotment option in public offering #IndiaNEWS #Business
New York, Aug 7 | International Media Acquisition Corp. announced the underwriters of its previously announced public offering of units have exercised their over-allotment option resulting in the issuance of an additional 3,000,000 units.
The units began trading on The Nasdaq Capital Market (Nasdaq) under the ticker symbol IMAQU on July 29, 2021.
Each unit consists of one share of common stock, one redeemable warrant (with each warrant entitling the holder thereof to purchase three-fourths (3/4) of a share of common stock at a price of .50 per whole share), and one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the shares of common stock, redeemable warrants, and rights are expected to be listed on the Nasdaq under the symbols IMAQ, IMAQW and IMAQR, respectively.
The over-allotment option was granted in connection with the public offering of 20,000,000 units at a public offering price of .00 per unit, which closed on August 2, 2021.
IMAC had previously announced the closing of its 0 Million initial public offering on August 2, 2021. With the exercise and closing of the underwriters over-allotment option, the total gross proceeds from IMACs initial public offering are 0 Million.
Chardan acted as sole book running manager for the offering.
IMAC is led by founder Shibasish Sarkar (CEO). IMAC is a blank check company formed for the purpose of effecting a business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region its target operates in, IMAC intends to pursue prospective targets in North America, Europe and Asia (excluding China) in the media and entertainment industry.
Source: IANS
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