International Media Acquisition Corp. Announces Receipt of Nasdaq Delisting Notice
Rhea-AI Summary
International Media Acquisition Corp. (IMAQ) has received a delisting notification from Nasdaq due to its failure to complete a business combination within 36 months of its IPO registration statement's effectiveness. The company also failed to timely file its Form 10-K for the year ended March 31, 2024. If delisted, IMAQ's securities are expected to trade over-the-counter. However, IMAQ intends to apply for Nasdaq listing in connection with a potential future business combination.
Despite the delisting notice, IMAQ has deposited $20,000 into its trust account to extend the deadline for completing an initial business combination from August 2, 2024, to September 2, 2024. The company emphasizes that the delisting of the SPAC should not prevent a combined entity from receiving initial listing approval on Nasdaq, assuming it meets the typical deSPAC company requirements.
Positive
- IMAQ extended its deadline to complete a business combination until September 2, 2024
- The company intends to apply for Nasdaq listing in connection with a potential future business combination
- Delisting of the SPAC is not expected to preclude a future combined entity from listing on Nasdaq
Negative
- IMAQ received a delisting notification from Nasdaq
- The company failed to complete a business combination within the required 36-month timeframe
- IMAQ failed to timely file its Form 10-K for the year ended March 31, 2024
- If delisted, IMAQ's securities are expected to trade over-the-counter, potentially reducing liquidity
News Market Reaction
On the day this news was published, IMAQ declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, NY / ACCESSWIRE / August 5, 2024 / International Media Acquisition Corp. (the "Company" or "IMAQ") (NASDAQ:IMAQ) today announced that it received a delisting notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on July 30, 2024.
The delisting determination arises from the Company's failure to complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by July 28, 2024, the Company did not comply with IM-5101-2 and its securities are subject to delisting.
The Company has also failed to timely file its Form 10-K for the year ended March 31, 2024, and Form 10-K, in breach of Listing Rule 5810(d)(2).
In the event the Company's securities are delisted from Nasdaq, its securities are expected to trade over-the-counter. The Company intends to apply to list on Nasdaq in connection with the closing of a potential business combination. Furthermore, the delisting of the SPAC is not expected to preclude the combined entity, or the deSPAC entity, from receiving initial listing approval for listing on the Nasdaq Stock Market, assuming that it meets the initial listing requirements typical for a deSPAC company.
On August 5, 2024, IMAQ made a deposit of
About International Media Acquisition Corp. International Media Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region (excluding China).
Forward-Looking Statements: This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as may be required by law.
Company Contact: International Media Acquisition Corp., Priyanka Agarwal
Email: investors@imac.org.in
SOURCE: International Media Acquisition Corp.
View the original press release on accesswire.com
FAQ
Why did International Media Acquisition Corp. (IMAQ) receive a delisting notice from Nasdaq?
What is the new deadline for IMAQ to complete a business combination?
What happens to IMAQ's stock if it gets delisted from Nasdaq?
Can IMAQ still list on Nasdaq after a potential business combination despite the current delisting notice?
