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    Shibasish Sarkar’s SPAC sets $10 as per unit price for Nasdaq IPO

    Synopsis

    As per the company, each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share.

    IPO-iStock
    International Media Acquisition Corp (IMAC), the special purpose acquisition company (SPAC), or blank cheque company founded by Reliance Entertainment CEO Shibasish Sarkar, has set $10 as per unit price for the proposed $200 million initial public offering (IPO).

    IMAC is offering 20 million units under the IPO, which will be listed on the Nasdaq Capital Market beginning on July 29.

    The offering is expected to close on August 2..

    As per the company, each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share.

    After 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.

    ET first reported on April 8 that Sarkar had set up IMAC to explore acquisition opportunities in the media and entertainment space in India, North America, Europe and parts of Asia (excluding China).

    Chardan Capital Markets is acting as sole book-running manager of the offering. IMAC has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the IPO price to cover over-allotments, if any.

    IMAC has said that it will target companies with an enterprise value of $150 million to $500 million, which fit the criteria of being at-risk, but have solid business fundamentals and are looking for capital to grow operations.

    It will also look at studios and production houses, media assets that are valued significantly lower than they had been previously, and new media entities, including e-sports, animation and visual effects studios housed within struggling traditional media companies.


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