International Media Acquisition Corp. — Cyborg Score 3/10
Challenged
Strategic Profile
IMAQ has received a delisting notification from Nasdaq due to its failure to complete a business combination within 36 months of its IPO registration statement's effectiveness. The company has extended its deadline to complete a business combination multiple times, with the current deadline set for January 2, 2027, following stockholder approvals and charter amendments. A proposed business combination with Risee Entertainment Holdings Private Limited was terminated in October 2023 due to the failure to meet the closing date.
Cyborg Score Rationale
IMAQ is a SPAC in extended limbo with a failed business combination attempt, Nasdaq delisting (as of August 2024), and repeated deadline extensions. While it retains trust account capital, the company faces significant execution risk with only months remaining before its extended January 2027 deadline.
Top Insights
Failed to complete business combination within original 36-month IPO timeline; received Nasdaq delisting notice in August 2024
Proposed Risee Entertainment deal terminated in October 2023; no subsequent acquisition announced or in advanced stages
Currently trading OTC after Nasdaq delisting; extended deadline to January 2, 2027 via multiple stockholder-approved extensions and trust account deposits
Trust account capital ($230M raised in July 2021) available but declining as it funds operating costs and extension deposits
Recent Developments
(October 2023) Proposed business combination with Risee Entertainment Holdings terminated
(August 2024) Received Nasdaq delisting notification due to failure to complete business combination
(July 2025) Form 10-K filed showing net loss of $408,107 for fiscal year ended March 31, 2024
Open the full interactive International Media Acquisition Corp. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.