VCI BIOFUELS GROUP SIGNS DEFINITIVE MERGER AGREEMENT WITH INTERNATIONAL MEDIA ACQUISITION CORP. TO PUBLICLY LIST ON THE NASDAQ
VCI Biofuels Group, a Vietnamese ethanol producer, has signed a definitive merger agreement with International Media Acquisition Corp. (OTC: IMAQ) to become publicly listed on NASDAQ. The transaction values VCI Biofuels Group at an implied enterprise value of $1 billion.
The combined company will be renamed VI Energy. VCI Biofuels Group, established in 2014, specializes in producing fuel ethanol, solvent alcohol, and food alcohol in Vietnam. The merger aims to provide VCI Biofuels Group with access to capital markets and support its growth strategy.
Post-merger, the company plans to expand into the sustainable aviation fuel market, which is projected to reach $325 billion by 2030. The transaction is subject to regulatory approvals, IMAQ stockholder approval, and other customary closing conditions.
VCI Biofuels Group, un produttore vietnamita di etanolo, ha firmato un accordo di fusione definitivo con International Media Acquisition Corp. (OTC: IMAQ) per diventare quotato pubblicamente su NASDAQ. La transazione valorizza VCI Biofuels Group a un valore d'impresa implicito di 1 miliardo di dollari.
La società risultante dalla fusione sarà rinominata VI Energy. VCI Biofuels Group, fondata nel 2014, si specializza nella produzione di etanolo per carburanti, alcol solvente e alcol alimentare in Vietnam. L'obiettivo della fusione è fornire a VCI Biofuels Group l'accesso ai mercati dei capitali e sostenere la sua strategia di crescita.
Dopo la fusione, l'azienda prevede di espandersi nel mercato del carburante per aviazione sostenibile, che si prevede raggiunga 325 miliardi di dollari entro il 2030. La transazione è soggetta ad approvazioni normative, all'approvazione degli azionisti di IMAQ e ad altre condizioni di chiusura consuete.
VCI Biofuels Group, un productor vietnamita de etanol, ha firmado un acuerdo de fusión definitivo con International Media Acquisition Corp. (OTC: IMAQ) para convertirse en una empresa cotizada públicamente en NASDAQ. La transacción valora a VCI Biofuels Group en un valor empresarial implícito de 1 mil millones de dólares.
La empresa combinada se llamará VI Energy. VCI Biofuels Group, establecida en 2014, se especializa en la producción de etanol combustible, alcohol solvente y alcohol alimentario en Vietnam. La fusión tiene como objetivo proporcionar a VCI Biofuels Group acceso a los mercados de capital y apoyar su estrategia de crecimiento.
Después de la fusión, la empresa planea expandirse en el mercado de combustible sostenible para aviación, que se proyecta alcanzará 325 mil millones de dólares para 2030. La transacción está sujeta a aprobaciones regulatorias, la aprobación de los accionistas de IMAQ y otras condiciones de cierre habituales.
VCI Biofuels Group, 베트남의 에탄올 생산업체가 International Media Acquisition Corp. (OTC: IMAQ)와 합병 계약을 체결하여 NASDAQ에 상장될 예정입니다. 이 거래는 VCI Biofuels Group의 기업 가치를 10억 달러로 평가합니다.
합병된 회사는 VI Energy로 이름이 변경됩니다. 2014년에 설립된 VCI Biofuels Group은 베트남에서 연료 에탄올, 용매 알코올 및 식품 알코올을 생산하는 전문 기업입니다. 이번 합병의 목적은 VCI Biofuels Group이 자본 시장에 접근하고 성장 전략을 지원하는 것입니다.
합병 후, 이 회사는 2030년까지 3,250억 달러에 이를 것으로 예상되는 지속 가능한 항공 연료 시장으로 확장할 계획입니다. 이 거래는 규제 승인, IMAQ 주주 승인 및 기타 일반적인 마감 조건에 따라 진행됩니다.
VCI Biofuels Group, un producteur vietnamien d'éthanol, a signé un accord de fusion définitif avec International Media Acquisition Corp. (OTC: IMAQ) pour devenir cotée publiquement sur le NASDAQ. La transaction valorise VCI Biofuels Group à une valeur d'entreprise implicite de 1 milliard de dollars.
La société combinée sera renommée VI Energy. VCI Biofuels Group, fondée en 2014, est spécialisée dans la production d'éthanol carburant, d'alcool solvants et d'alcool alimentaire au Vietnam. L'objectif de la fusion est de donner à VCI Biofuels Group un accès aux marchés de capitaux et de soutenir sa stratégie de croissance.
Après la fusion, l'entreprise prévoit de s'étendre sur le marché des carburants d'aviation durables, qui devrait atteindre 325 milliards de dollars d'ici 2030. La transaction est soumise à des approbations réglementaires, à l'approbation des actionnaires d'IMAQ et à d'autres conditions de clôture habituelles.
VCI Biofuels Group, ein vietnamesischer Ethanolproduzent, hat einen endgültigen Fusionsvertrag mit International Media Acquisition Corp. (OTC: IMAQ) unterzeichnet, um an der NASDAQ gelistet zu werden. Die Transaktion bewertet VCI Biofuels Group mit einem impliziten Unternehmenswert von 1 Milliarde Dollar.
Das fusionierte Unternehmen wird in VI Energy umbenannt. VCI Biofuels Group, die 2014 gegründet wurde, ist auf die Produktion von Kraftstoffethanol, Lösungsmittelalkohol und Lebensmittelalkohol in Vietnam spezialisiert. Ziel der Fusion ist es, VCI Biofuels Group den Zugang zu den Kapitalmärkten zu ermöglichen und ihre Wachstumsstrategie zu unterstützen.
Nach der Fusion plant das Unternehmen, in den Markt für nachhaltige Flugkraftstoffe zu expandieren, der bis 2030 voraussichtlich 325 Milliarden Dollar erreichen wird. Die Transaktion unterliegt regulatorischen Genehmigungen, der Genehmigung der IMAQ-Aktionäre und anderen üblichen Abschlussbedingungen.
- Access to US capital markets for expansion and acquisition opportunities
- Strong position in Vietnam's biofuel market with established bio-ethanol factory
- Government mandate for ethanol blending in gasoline supports growth
- Planned expansion into sustainable aviation fuel market ($325B by 2030)
- Unanimous board approval from all parties
- Transaction subject to multiple approval conditions and regulatory clearances
- Integration risks associated with merger implementation
- Potential shareholder dilution from public listing
VCI Biofuels Group Highlights
VCI Biofuels Group is a seasoned operator in the biofuel manufacturing industry in
IMAQ management believes that VCI Biofuels Group is well-positioned to capitalize on the demand for biofuel locally in
Transaction Overview
The Transaction values VCI Biofuels Group at an implied enterprise value of
This strategic merger is designed to provide the VCI Biofuels Group with access to capital markets, support its growth strategy and further strengthen its position in the sector.
Navin Sidhu, VCI Biofuels Group CEO, stated, "With the merger we intend to grow our production capacity and continue to not only be a leader in
With access to the dynamic US capital markets and the multitude of financing options it brings, we believe that the group will be in a very strong and enviable position to expand organically while leveraging on acquisition growth that could add tremendous value for shareholders and all stakeholders alike."
Yu-Fang Chiu, Chairperson, CEO and CFO of IMAQ, commented, "Finding the right partner is never easy—whether in life or in business. Over the course of three years, IMAQ has evaluated numerous companies, and we are pleased to announce that we have chosen the "one". We believe that the VCI Biofuels Group is well positioned in the renewable energy sector, with a track record of a decade in
Advisors
Loeb & Loeb LLP, Ogier and DaHui Lawyers are serving as legal advisors to International Media Acquisition Corp.
Additional information about the proposed Transaction, including a copy of the merger agreement, will be available on a Current Report on Form 8-K, to be filed by International Media Acquisition Corp. with the Securities and Exchange Commission ("SEC") and available at www.sec.gov. In connection with the proposed Transaction, the parties intend to jointly file a registration statement, which will include a proxy statement and a prospectus, with the SEC.
About VCI Biofuels Group
VCI Biofuels Group is an innovative chemicals and ethanol producer with a focus on advanced efficient recovery methods. Its corporate headquarters are located in
About International Media Acquisition Corp.
International Media Acquisition Corp. ("IMAQ") is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward Looking Statements
This press release includes "forward-looking statements" which may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated equity value of the combined company, Vietnam Biofuels Group's ability to scale and grow its business, the advantages and expected growth of the combined company, the combined company's ability to source and retain talent, the cash position of the combined company following closing of the Transaction, IMAQ's and Vietnam Biofuels Group's ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of IMAQ's and Vietnam Biofuels Group's respective management and are not predictions of actual performance.
Any forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of IMAQ and Vietnam Biofuels Group. These forward-looking statements are subject to a number of risks and uncertainties, including the inability of IMAQ and Vietnam Biofuels Group to successfully or timely consummate the proposed Transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction or approval of the shareholders of IMAQ or Vietnam Biofuels Group; failure to realize the anticipated benefits of the proposed Transaction; risks relating to the combined company's sources of cash and cash resources; risks relating to Vietnam Biofuels Group's business; risks relating to IMAQ's and the combined company's vulnerability to security breaches; risks relating to the combined company's ability to manage future growth; the effects of competition on the combined company's future business; the amount of redemption requests made by IMAQ's public stockholders; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries involving the parties to the Transaction; the impact of the COVID-19 pandemic or infectious diseases on the combined company's business and the global economy; and those factors discussed in IMAQ's final prospectus related to its initial public offering dated July 28, 2021, under the heading "Risk Factors," in IMAQ's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 under the heading "Risk Factors" filed with the SEC on August 8, 2024 and other documents filed, or to be filed, by IMAQ with the SEC. If any of these risks materializes or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither IMAQ nor Vietnam Biofuels Group presently knows or that IMAQ and Vietnam Biofuels Group currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect IMAQ's and Vietnam Biofuels Group's expectations, plans or forecasts of future events and views as of the date of this press release. IMAQ and Vietnam Biofuels Group anticipate that subsequent events and developments will cause IMAQ's and Vietnam Biofuels Group's assessments to change. However, while IMAQ and Vietnam Biofuels Group may elect to update these forward-looking statements at some point in the future, IMAQ and Vietnam Biofuels Group specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing IMAQ's and Vietnam Biofuels Group's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Important Information About the Proposed Transaction and Where to Find It
The proposed Transaction will be submitted to shareholders of IMAQ for their consideration and approval. International Media Mini Acquisition Corp, a to-be-formed wholly owned subsidiary of IMAQ ("Purchaser"), and VCI intend to jointly file a registration statement (the "Registration Statement") with the SEC which will include preliminary and definitive proxy statements to be distributed to IMAQ's shareholders in connection with IMAQ's solicitation for proxies for the vote by IMAQ's shareholders in connection with the proposed Transaction and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of the securities to be issued to Vietnam Biofuels Group's shareholders in connection with the completion of the proposed Transaction. After the Registration Statement is filed and declared effective, IMAQ will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed Transaction. IMAQ's shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with IMAQ's solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed Transaction, because these documents will contain important information about IMAQ, VCI Biofuels Group and the proposed Transaction. Shareholders may also obtain a copy of the preliminary and definitive proxy statements and the prospectus, once available, as well as other documents filed with the SEC regarding the proposed Transaction and other documents filed with the SEC by IMAQ, without charge, at the SEC's website located at www.sec.gov or by directing a request to IMAQ.
Participants in the Solicitation
IMAQ, VCI Biofuels Group, and their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from IMAQ's shareholders in connection with the proposed Transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of IMAQ'S shareholders in connection with the proposed Transaction will be set forth in the proxy statement/prospectus to be filed with the SEC in connection with the Transaction. You can find more information about IMAQ's directors and executive officers in IMAQ's definitive proxy statement related to its Annual General Meeting dated December 9, 2024 and IMAQ's Current Report on Form 8-K dated March 14, 2025. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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SOURCE International Media Acquisition Corp.
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