International Media Acquisition, a blank check company targeting the media and entertainment sectors in North America, Europe, and Asia, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock, one right to received one-twentieth of a share upon the completion of an initial business combination, and one warrant to purchase three-fourths of a share, exercisable at $11.50.
The company is led by CEO and Chairman Shibasish Sarkar, the Group CEO of Reliance Entertainment, and CFO Vishwas Joshi, who most recently served as executive director and head of studio finance at Walt Disney Company India. The company plans to target the media and entertainment sector, with a focus on North America, Europe, and Asia (excluding China). It intends to focus on content, film, post-production and/or visual effects facilities, animation, streaming, augmented and virtual reality, music, digital media, gaming, and e-sports.
International Media Acquisition plans to list on the Nasdaq under the symbol IMAQU. Chardan Capital Markets acted as sole bookrunner on the deal.
