International Media Acquisition (IMAQ) has released an update to notify the public and investors about an entry into a material definitive agreement.
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International Media Acquisition Corp. amended their Securities Purchase Agreement, now selling a larger stake of 76% to JC Unify Capital, with notable changes including increased common stock and private placement units, the provision of director and officer insurance, and a commitment to avoid legal action against former officers, barring misconduct. Additionally, the company issued a $1.3 million promissory note to the buyer, convertible into units at $10 each, which will finance the company’s operating expenses and potential business combination efforts. This strategic financial maneuvering signals a significant shift in ownership and resources as the company prepares for future business combinations.
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For a comprehensive understanding of the announcement, you can read the full document here.