Shibashish Sarkar's IMAC raises $200 mn from IPO
20,000,000 units sold at a price of $10.00 per unit at Nasdaq
Shibashish Sarkar-promoted International Media Acquisition Corp (IMAC) has raised $200 million from its initial public offering (IPO) of 20,000,000 units which were sold at a price of $10.00 per unit.
Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of a share of common stock at a price of $11.50 per whole share.
The units began trading on The Nasdaq Capital Market under the ticker symbol "IMAQU" on July 29, 2021. Once the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on Nasdaq under the symbols "IMAQ," "IMAQR" and "IMAQW," respectively.
The underwriters have been granted a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any. Chardan acted as sole book-running manager in the offering.
IMAC is a blank check company formed for the purpose of effecting a business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region its target operates in, IMAC intends to pursue prospective targets in North America, Europe and Asia (excluding China) in the media and entertainment industry.
