IMAC Reports Material Definitive Agreement & Financial Obligation
Ticker: IMAQW · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1846235
Sentiment: neutral
Topics: material-agreement, financial-obligation, equity-sale
Related Tickers: IMAC
TL;DR
IMAC signed a big deal and took on debt, plus sold some stock.
AI Summary
International Media Acquisition Corp. (IMAC) filed an 8-K on June 28, 2024, reporting the entry into a material definitive agreement and the creation of a direct financial obligation. The filing also details unregistered sales of equity securities and includes financial statements and exhibits. Specific details regarding the agreement, financial obligations, and equity sales were not provided in the excerpt.
Why It Matters
This filing indicates significant corporate actions, including new agreements and financial obligations, which could impact the company's financial health and future operations.
Risk Assessment
Risk Level: medium — The filing mentions material definitive agreements, financial obligations, and unregistered sales of equity, which can introduce financial and operational risks.
Key Players & Entities
- International Media Acquisition Corp. (company) — Registrant
- 0001846235 (company) — Central Index Key
- Delaware (jurisdiction) — State of Incorporation
- June 28, 2024 (date) — Date of Report
FAQ
What is the nature of the material definitive agreement entered into by International Media Acquisition Corp.?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the excerpt.
What type of direct financial obligation or off-balance sheet arrangement was created?
The filing reports the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specifics are not detailed in the provided text.
When did the unregistered sales of equity securities occur?
The filing mentions unregistered sales of equity securities, and the associated dates for Ordinary Shares, Warrants, Units, and Rights are listed as June 28, 2024.
What is the Central Index Key (CIK) for International Media Acquisition Corp.?
The Central Index Key for International Media Acquisition Corp. is 0001846235.
What is the SIC code for International Media Acquisition Corp.?
The Standard Industrial Classification (SIC) code for International Media Acquisition Corp. is 7812, which falls under SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION.
Filing Stats: 814 words · 3 min read · ~3 pages · Grade level 12.3 · Accepted 2024-07-01 06:02:38
Filing Documents
- imac_8k.htm (8-K) — 34KB
- imac_ex101.htm (EX-10.1) — 15KB
- imac_ex102.htm (EX-10.2) — 15KB
- imac_ex103.htm (EX-10.3) — 15KB
- 0001654954-24-008382.txt ( ) — 239KB
- imac-20240628.xsd (EX-101.SCH) — 6KB
- imac-20240628_lab.xml (EX-101.LAB) — 17KB
- imac-20240628_cal.xml (EX-101.CAL) — 1KB
- imac-20240628_pre.xml (EX-101.PRE) — 12KB
- imac-20240628_def.xml (EX-101.DEF) — 5KB
- imac_8k_htm.xml (XML) — 7KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. Amendments to Promissory Notes As previously disclosed in the Current Report on Form 8-K filed by International Media Acquisition Corp. ("IMAQ" or the "Company") with the SEC on January 31, 2024, IMAQ issued an unsecured promissory note to JC Unify Capital (Holdings) Limited ("JC Unify"), dated as of January 31, 2024 (the "Promissory Note A"). As previously disclosed in the Current Report on Form 8-K filed by IMAQ with the SEC on February 27, 2024, IMAQ issued two unsecured promissory notes to JC Unify, dated as of February 27, 2024 (the "Promissory Note B"), and February 27, 2024 (the "Promissory Note C", together with Promissory Note A and Promissory Note B, the "Prior Notes"). On June 28, 2024, IMAQ entered into amendments to the Prior Notes (the "Amendments to the Promissory Notes") with JC Unify. Pursuant to the Amendments to the Promissory Notes, JC Unify has the right to convert the Prior Notes into units consisting of one share of Common Stock of the Company and one right to receive one-twentieth of one share of Common Stock of the Company (together, the "Conversion Securities"), with no fractional Conversion Securities to be issued upon conversion, and the Prior Notes to be converted immediately prior to the closing of the Business Combination. The Amendments to the Promissory Notes also amended the events of default, so that the failure of IMAQ to issue Conversion Securities constitutes a failure to make required payments, constituting an event of default. The foregoing description of the Amendments to the Promissory Notes is qualified in its entirety by reference to the full text of the Amendments to the Promissory Notes, copies of which are filed with this Current Report on Form 8-K as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, respectively, and are incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities. The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.02.
01 Exhibits
Item 9.01 Exhibits Exhibit No. Description 10.1 Amendment to Promissory Note, dated June 28, 2024, by and among IMAQ and JC Unify Capital (Holdings) Limited 10.2 Amendment to Promissory Note B, dated June 28, 2024, by and among IMAQ and JC Unify Capital (Holdings) Limited 10.3 Amendment to Promissory Note C, dated June 28, 2024, by and among IMAQ and JC Unify Capital (Holdings) Limited 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: July 1, 2024 INTERNATIONAL MEDIA ACQUISITION CORP. By : /s/ Shibasish Sarkar Name : Shibasish Sarkar Title : Chief Executive Officer 3