IMAQ Faces Delisting Concerns

Ticker: IMAQW · Form: 8-K · Filed: Jul 15, 2024 · CIK: 1846235

Sentiment: bearish

Topics: delisting, listing-rules, compliance

Related Tickers: IMAQ

TL;DR

IMAQ's stock is at risk of being delisted due to not meeting listing rules.

AI Summary

International Media Acquisition Corp. (IMAQ) filed an 8-K on July 15, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The company's common stock, warrants, rights, and units were subject to these rules as of July 9, 2024. This indicates potential issues with IMAQ's compliance with stock exchange listing standards.

Why It Matters

This filing signals potential delisting from a stock exchange, which could significantly impact the liquidity and trading of IMAQ's securities.

Risk Assessment

Risk Level: high — The filing explicitly states a notice of delisting or failure to satisfy continued listing rules, indicating a significant risk to the company's exchange listing.

Key Players & Entities

FAQ

What specific listing rule(s) has International Media Acquisition Corp. failed to satisfy?

The filing does not specify the exact listing rule(s) that International Media Acquisition Corp. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is July 9, 2024.

What types of securities are affected by the notice of delisting or failure to satisfy listing rules?

The filing indicates that the company's common stock, warrants, rights, and units are subject to the notice.

What is the company's state of incorporation and fiscal year end?

The company is incorporated in Delaware and its fiscal year ends on March 31.

What is the business address and phone number provided for International Media Acquisition Corp.?

The business address is 1604 US Highway 130, North Brunswick, NJ 08902, and the business phone number is 2129603677.

Filing Stats: 548 words · 2 min read · ~2 pages · Grade level 14.2 · Accepted 2024-07-15 08:24:19

Filing Documents

01 Notice of Delisting or Failure

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 9, 2024, International Media Acquisition Corp. (the "Company") received a notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq"), which stated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not filed its Annual Report on Form 10-K for the period ended March 31, 2024 with the Securities and Exchange Commission ("SEC"). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC. Under Nasdaq rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance and if Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180 calendar days from the Filing's due date, or until December 30, 2024, to regain compliance. The Company is actively working with its auditors and advisors and intends to file its Annual Report as soon as possible to regain compliance. The notice has no immediate impact on the listing or trading of the Company's securities on Nasdaq. 1

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 15, 2024 INTERNATIONAL MEDIA ACQUISITION CORP. By: /s/ Shibasish Sarkar Name: Shibasish Sarkar Title: Chief Executive Officer 2

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