International Media Acquisition Corp. Faces Delisting Concerns
Ticker: IMAQW · Form: 8-K · Filed: Aug 5, 2024 · CIK: 1846235
| Field | Detail |
|---|---|
| Company | International Media Acquisition CORP. (IMAQW) |
| Form Type | 8-K |
| Filed Date | Aug 5, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $20,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rules, regulatory-filing
Related Tickers: IMAQ
TL;DR
IMAQ might get delisted, stock could tank.
AI Summary
International Media Acquisition Corp. filed an 8-K on July 30, 2024, to report a notice of delisting or failure to satisfy continued listing rules. The company is incorporated in Delaware and its principal executive offices are located at 1604 US Highway 130, North Brunswick, NJ.
Why It Matters
This filing indicates potential issues with the company's ability to remain listed on an exchange, which could significantly impact its stock value and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's public trading status, creating significant uncertainty and potential for severe stock devaluation.
Key Players & Entities
- International Media Acquisition Corp. (company) — Registrant
- July 30, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 1604 US Highway 130, North Brunswick, NJ (address) — Principal executive offices
FAQ
What specific listing rule or standard has International Media Acquisition Corp. failed to satisfy?
The filing states a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify which rule was violated in the provided text.
What is the date of the report for this 8-K filing?
The date of the report is July 30, 2024.
In which state was International Media Acquisition Corp. incorporated?
International Media Acquisition Corp. was incorporated in Delaware.
What is the company's principal business address?
The company's principal executive offices are located at 1604 US Highway 130, North Brunswick, NJ.
What is the Commission File Number for this filing?
The Commission File Number is 001-40687.
Filing Stats: 723 words · 3 min read · ~2 pages · Grade level 14.2 · Accepted 2024-08-05 14:30:28
Key Financial Figures
- $20,000 — 5, 2024, the Company made a deposit of $20,000 to the trust account to extend the peri
Filing Documents
- ea0210569-8k_intern.htm (8-K) — 33KB
- 0001213900-24-065129.txt ( ) — 254KB
- imaq-20240730.xsd (EX-101.SCH) — 4KB
- imaq-20240730_def.xml (EX-101.DEF) — 27KB
- imaq-20240730_lab.xml (EX-101.LAB) — 37KB
- imaq-20240730_pre.xml (EX-101.PRE) — 25KB
- ea0210569-8k_intern_htm.xml (XML) — 7KB
01 Notice of Delisting or Failure to
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 30, 2024, International Media Acquisition Corp. (the "Company") received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that as the Company had not completed an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering, it was not in compliance with Nasdaq IM 5101-2 and was therefore subject to delisting. The Company has until August 6, 2024 to request a hearing before the Nasdaq Hearings Panel (the "Panel"). If the Company does not request a hearing before the Panel by that date, trading in its securities will be suspended at the opening of business on August 8, 2024 and a Form 25 NSE will be filed with the Securities and Exchange Commission ("SEC") removing the securities from listing and registration on The Nasdaq Stock Market. In the event the Company's securities are delisted from Nasdaq, its securities are expected to trade over-the-counter. In such an event, the Company intends to apply to list on Nasdaq in connection with the closing of a potential business combination. In addition, as previously disclosed, on July 9, 2024, the Company received a notice from the Listing Qualifications Staff of 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 SEC. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC. The Form 10-K has not yet been filed. Pursuant to Listing Rule 5810(d)(2), this deficiency serves as an additional and separate basis for delisting, and as such, the Company would be required to address this concern before the Panel if it appeals Staff's determination as well
01. Other Events
Item 8.01. Other Events On August 5, 2024, the Company made a deposit of $20,000 to the trust account to extend the period of time the Company has to consummate an initial business combination from August 2, 2024 to September 2, 2024. 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: August 5, 2024 INTERNATIONAL MEDIA ACQUISITION CORP. By: /s/ Shibasish Sarkar Name: Shibasish Sarkar Title: Chief Executive Officer 2