International Media Acquisition Corp. (IMAC), a Delaware-based company specializing in motion picture and video tape production, has issued an unsecured promissory note to JC Unify Capital (Holdings) Limited for up to $600,000, as reported in a recent 8-K filing with the Securities and Exchange Commission. With a current market capitalization of $72 million, IMAC faces financial challenges, as indicated by its weak financial health score according to InvestingPro analysis. On Monday, the company entered into this agreement, which stipulates that the note is demandable and must be settled by the date of IMAC’s initial business combination, or upon its termination. The note, which carries no interest, is convertible into units of the company’s common stock and rights to receive additional shares. The funds from this promissory note will be allocated for various company expenses, including potential costs to extend the time frame for completing an initial business combination, as well as for general working capital purposes. In addition to this financial move, IMAC made a deposit of $2,000 into its trust account last Thursday to extend the deadline for consummating an initial business combination from April 2, 2025, to May 2, 2025. This extension payment reflects the company’s ongoing efforts to manage its timeline for strategic business activities effectively. The issuance of this promissory note is a strategic financial decision by IMAC as it seeks to strengthen its position and fulfill its operational goals. The conversion feature of the note into company stock units indicates a potential future equity interest for JC Unify Capital (Holdings) Limited in IMAC. Investors and market watchers will be observing how this infusion of capital will impact IMAC’s business combination plans and overall financial strategy. The information for this article is based on a press release statement. In other recent news, International Media Acquisition Corp. (IMAQ) has made several significant announcements affecting its corporate structure and future operations. Notably, IMAQ clarified that it has not entered into any definitive agreements with a biofuel development company, addressing rumors of a potential transaction. This statement was made through a recent SEC filing, ensuring transparency and accuracy for investors. Furthermore, IMAQ has reshaped its debt structure by converting promissory notes into shares of common stock, settling outstanding amounts with Content Creation Media LLC. This move is part of a broader strategy to strengthen the company’s financial position. In leadership changes, Shibasish Sarkar has resigned as CEO and director, with Yu-Fang Chiu stepping in as the new CEO, CFO, and Chairman of the Board. Chiu brings experience from leadership roles in other companies, which may influence IMAQ’s strategic direction. Additionally, IMAQ extended its deadline to complete an initial business combination, depositing funds into its trust account to secure more time for negotiations. This extension is part of IMAQ’s ongoing efforts to find suitable acquisition targets. The company remains committed to keeping the market informed of any significant developments in compliance with SEC regulations.

International Media Acquisition Corp. Issues $600K Promissory Note

International Media Acquisition Corp. (IMAC) issued an unsecured promissory note to JC Unify Capital (Holdings) Limited for up to $600,000, aiming to strengthen its financial position. The note is convertible into units of IMAC's common stock and includes a deadline for settlement. IMAC also extended its initial business combination deadline and reshaped its debt structure, converting promissory notes into shares of common stock. Shibasish Sarkar resigned as CEO, and Yu-Fang Chiu took over as CEO, CFO, and Chairman of the Board.