UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact Name of Registrant as Specified in its Charter) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act | |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Securities registered pursuant to Section 12(b) of the Act: |
Title of each class |
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Warrants |
| IMAQW |
| The Nasdaq Stock Market LLC |
Rights |
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| The Nasdaq Stock Market LLC |
Units |
| IMAQU |
| The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
First Amendment to the Securities Purchase Agreement
As previously disclosed in the Current Report on Form 8-K filed on November 16, 2023 by International Media Acquisition Corp., a Delaware corporation and a special purpose acquisition company (the “Company”), the Company entered into a Securities Purchase Agreement dated November 10, 2023 (the “Securities Purchase Agreement”) with JC Unify Capital (Holdings) Limited, a BVI company (the “Buyer”), Content Creation Media LLC, a Delaware limited liability company (“Sponsor”), and Shibasish Sarkar, (“Seller”, together with the Sponsor the “Sellers”), pursuant to which (i) the Sponsor agreed to sell, and the Buyer agreed to purchase, 4,125,000 shares of common stock and 597,675 private placement units of the Company, which represents 75% of the total company securities owned by the Sponsor for an aggregate purchase price of $1.00 (the “Closing Cash Purchase Price”), (ii) the closing of the transactions contemplated by the Securities Purchase Agreement (the “Closing”) shall take place as soon as practicable after signing of the Securities Purchase Agreement, on such time and date as may be mutually agreed by the Buyer and the Sellers, subject to satisfaction of the conditions set forth in the Securities Purchase Agreement.
On January 31, 2024, the Company entered into the First Amendment to the Securities Purchase Agreement (the “First Amendment”) with the Sponsor, Buyer and Sellers, that amended and modified the Securities Purchase Agreement pursuant to which, among other things, (i) the Sponsor agreed to sell, and the Buyer agreed to purchase, 4,125,000 shares of common stock and 657,675 private placement units of the Company, which represents 76% of the total company securities owned by the Sponsor (“Transferred Sponsor SPAC Securities”), (ii) the Sellers shall deliver the termination of indemnity agreements of Shibasish Sarkar and Vishwas Joshi, and resignations of all of the officer and directors of the SPAC, other than the officer and director(s) as mutually agreed, whose resignations shall be effective on the 10th day following the mailing to stockholders of a Schedule 14F or proxy statement pursuant to the rules of the SEC advising stockholders of a Change in Control of the Board of Directors (the “Schedule 14F Change in Control Date”) (iii) in connection with the issuance of a $1,300,000 promissory note by the Buyer to the Company, the SPAC shall issue (i) 100,000 new units and 847,675 shares of common stock from the Company at the closing of a business combination, (iv) out of the $300,000 fee due to Chardan Capital Markets LLC (the “Chardan”), $50,000 shall be rebated via wire transfer from the Chardan to the Sponsor at the Closing, (v) the Sellers and the Buyer agree and acknowledge that the Company shall purchase directors and officers’ insurance for the officers or directors of the Company that is serving or has served as an officer or director of the SPAC prior to the signing of the SPA (“Initial Officers and Directors”) with coverage of $1 million for an one (1) year, covering the period from July 26, 2023 to July 26, 2024, and (vi) the Company will use best efforts to include a provision in the definitive business combination agreement, stipulating that the potential target will refrain from initiating any legal action against Initial Officers and Directors of the Company, except in the event of fraud, negligence or bad faith prior to their resignations.
Issuance of Promissory Note
On January 31, 2024, the Company issued an unsecured promissory note in the aggregate principal amount of up to $1,300,000 (the “Note”) to the Buyer. Pursuant to the Note, the Buyer agreed to loan to the Company an aggregate amount of up to $1,300,000. The Note shall be payable promptly on demand and in any event, no later than the date on which the Company terminates or consummates an initial business combination. Such Note is convertible into units having the same terms and conditions as the private placement units as described in the prospectus dated April 7, 2021 (Registration NO. 333-255106) (the “Prospectus”), at the price of $10.00 per unit, at the option of the Buyer. The Note does not bear interest.
As additional consideration for the Buyer making the Note available to the Company, the Company shall issue to the Buyer (a) 100,000 new units at the closing of the Business Combination, which shall be identical in all respects to the private placement units issued at the Company’s initial public offering (the “New Units”), and (b) 847,675 shares of Common Stock of the Company (the “Additional Securities”) of which (i) 250,000 of the Additional Securities shall be subject to no transfer restrictions or any other lock-up provisions, earn outs or other contingencies, and shall be registered for resale pursuant to the first registration statement filed by the Company or the surviving entity in connection with the closing of the Business Combination, or if no such registration statement is filed in connection with the closing of the Business Combination, the first registration statement filed subsequent to the closing of the Business Combination, which will be filed no later than 30 days after the closing of the Business Combination and declared effective no later than 60 days after the closing of the Business Combination; and (ii) 657,675 of the Additional Securities shall be subject to the same terms and conditions applied to the insider shares described in the Prospectus. The Additional Securities and New Units shall be issued to the Buyer in conjunction with the closing of a Business Combination.
The proceeds of the Note will be used by the Company to pay various expenses of the Company, including any payment to extend the period of time the Company has to consummate an initial business combination, and for working capital purposes. The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is filed with this Current Report on Form 8-K as Exhibit 2.2 and is incorporated herein by reference.
The foregoing description of the First Amendment and the Note is not complete and is subject to and qualified in its entirety by reference to the full text of the First Amendment and the Note which are filed as Exhibit 2.1 and 2.2 hereto, and the terms of which are incorporated herein by reference.
Item 8.01. Other Events
On February 1, 2024, the Company made a deposit of $20,000 (the “Extension Payment”) to the trust account to extend the period of time the Company has to consummate an initial business combination from February 2, 2024 to March 2, 2024.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits:
Exhibit No. |
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| Promissory Note, dated January 31, 2024, issued to JC Unify Capital (Holdings) Limited | |
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| Cover Page Interactive Data File |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 6, 2024
INTERNATIONAL MEDIA ACQUISITION CORP. | ||
By: | /s/ Shibasish Sarkar | |
Name: | Shibasish Sarkar | |
Title: | Chief Executive Officer |
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EXHIBIT 2.1
FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT
This FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT (this “Amendment”), dated as of January 31, 2024, is entered into by and among JC Unify Capital (Holdings) Limited, a BVI Company (the "Buyer"), Content Creation Media LLC, a Delaware limited liability company (“Sponsor”), and Shibasish Sarkar, (“Seller”, together with the Sponsor the “Sellers”) and International Media Acquisition Corp, a Delaware corporation (“SPAC”).
RECITALS
WHEREAS, the Buyer, Sellers and SPAC entered into that certain Securities Purchase Agreement dated as of November 10, 2023 (the “Securities Purchase Agreement”); and
WHEREAS, the parties hereto wish to amend certain terms of the Securities Purchase Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the premises, the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. | Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to them in the Merger Agreement. |
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2. | Amendments. |
| 2.1 | Purchase and Sale. Section 1.01 of the Securities Purchase Agreement is hereby deleted in its entirety and replaced with the following: |
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| “Subject to the terms and conditions set forth herein, at the Closing (as defined herein), Sellers shall sell to Buyer, and Buyer shall purchase from Sellers, all of Sellers’ right, title, and interest in and to the Transferred Sponsor SPAC Securities, which shall entitle Buyer to 4,125,000 Insider Shares and 657,675 Private Placement Units, which represents approximately 76% of the total Sponsor SPAC Securities and a Person designated by the Buyer shall be appointed as the Appointed Member of the Sponsor. The Transferred Sponsor SPAC Securities shall be free and clear of any mortgage, pledge, lien, charge, security interest, claim, or other encumbrance (“Encumbrance”), for the consideration specified in Section 1.02, except that 4,125,000 Insider Shares (the “Escrowed Shares”) shall not be transferred to the Buyer until the closing of the Business Combination in accordance with the terms of the Escrow Agreement dated as of July 28, 2021 (the “Escrow Agreement”), by and among SPAC and the initial stockholders listed on the signature pages thereto and Continental Stock Transfer & Trust Company. For the avoidance of doubt, the Transferred Sponsor SPAC Securities do not include the additional shares to be issued to Buyer pursuant to Section 1.06(b) of this Agreement.” |
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| 2.2 | Buyer Closing Conditions. Section 1.05 (b) of the Securities Purchase Agreement is hereby deleted in its entirety and replaced with the following: |
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| “the delivery by Sellers of the termination of indemnity agreements of Shibasish Sarkar and Vishwas Joshi, and resignations of all of the officer and directors of the SPAC, other than the officer and director(s) as mutually agreed, whose resignations shall be effective on the 10th day following the mailing to stockholders of a Schedule 14F or proxy statement pursuant to the rules of the SEC advising stockholders of a Change in Control of the Board of Directors (the “Schedule 14F Change in Control Date”);” |
| 2.3 | Seller Closing Conditions. Section 1.06(b) of the Securities Purchase Agreement is hereby deleted in its entirety and replaced with the following: |
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| “execution of a loan agreement by the Buyer and the SPAC, whereby the Buyer agrees to lend the SPAC a sum of $1,300,000 (the “Promissory Note”). As additional consideration for the Buyer making the Note available to the SPAC, the SPAC shall issue (a) 100,000 new units at the Closing, which shall be identical in all respects to the Private Placement Units issued at the IPO (the “New Units”), and (b) 847,675 shares of Common Stock of the SPAC (“Additional Securities”) of which (i) 250,000 shares of Common Stock shall be subject to no transfer restrictions or any other lock-up provisions, earn outs or other contingencies, and shall be registered for resale pursuant to the first registration statement filed by the SPAC or the surviving entity in connection with the closing of the Business Combination, or if no such registration statement is filed in connection with the closing of the Business Combination, the first registration statement filed subsequent to the closing of the Business Combination, which will be filed no later than 30 days after the closing of the Business Combination and declared effective no later than 60 days after the closing of the Business Combination; and (ii) 657,675 Common Stock shall be subject to the same terms and conditions applied to the insider shares described in the Prospectus. The Additional Securities and New Units shall be issued to the Buyer in conjunction with the closing of a Business Combination. In addition, the outstanding amount due under the Promissory Note, or any future promissory notes or loans from the Buyer may, at the discretion of the Buyer, be convertible into units of the SPAC and shall be identical to the Private Placement Units issued at the IPO.” |
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| 2.4 | Brokers. Section 2.11 of the Securities Purchase Agreement is hereby deleted in its entirety and replaced with the following: |
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| “Except for the $300,000 fee due to Chardan Capital Markets LLC -- $50,000 of which will be rebated via wire transfer from Chardan Capital Markets LLC to the Sponsor at Closing and documented in the closing flow-of-funds memorandum -- no broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Sellers” |
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| 2.5 | Brokers. Section 3.04 of the Securities Purchase Agreement is hereby deleted in its entirety and replaced with the following: |
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| “Except for $300,000 fee due to Chardan Capital Markets LLC -- $50,000 of which will be rebated via wire transfer from Chardan Capital Markets LLC to the Sponsor at Closing and documented in the closing flow-of-funds memorandum -- no broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.” |
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| 2.6 | Insurance. The following Section 7.26 shall be added to the Securities Purchase Agreement: |
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| “Section 7.26 Insurance. The Sellers and the Buyer agree and acknowledge that the SPAC shall purchase directors and officers’ insurance for the officers or directors of the SPAC that is serving or has served as an officer or director of the SPAC prior to the signing of this Agreement (“Initial Officers and Directors”) with coverage of $1 million for an aggregate period of one (1) year, covering the period from July 26, 2023 to July 26, 2024. For the avoidance of doubt, in no event shall the Buyer be obligated to obtain any directors and officers’ insurance coverage for the Initial Officers and Directors after July 26, 2024. Furthermore, clause 28 of the SPAC's indemnity agreement dated as of July 28, 2021 (the “Indemnity Agreement”) will be amended as mutually agreed between the SPAC and the directors and in accordance with this Section 7.26. Except as provided in this Section 7.26, the Sellers agree that it will procure that all Initial Officers and Directors agree that any insurance covering any period after July 26, 2024 will solely cover the directors and officers nominated and appointed by the Buyer.” |
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| 2.7 | Business Combination Agreement. The SPAC will use its best efforts to include a provision in the definitive business combination agreement, stipulating that the potential target will refrain from initiating any legal action against the Initial Officers and Directors of the SPAC, except in the event of fraud, negligence or bad faith prior to their resignations. |
3. | No Other Amendments; Effect of Amendment. Except for the amendments expressly set forth in this Amendment, the Securities Purchase Agreement shall remain unchanged and in full force and effect. This Amendment shall form a part of the Securities Purchase Agreement for all purposes, and the parties thereto and hereto shall be bound hereby. From and after the execution of this Amendment by the parties hereto, any reference to the Securities Purchase Agreement shall be deemed a reference to the Securities Purchase Agreement as amended hereby. This Amendment shall be deemed to be in full force and effect from and after the execution of this Amendment by the parties hereto. |
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4. | Miscellaneous. The provisions of Article VIII (Miscellaneous) of the Securities Purchase Agreement shall apply mutatis mutandis to this Amendment. |
[The remainder of this page intentionally left blank; signature pages to follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.
SPONSOR |
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Content Creation Media LLC |
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| By: | /s/ Shibasish Sarkar |
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| Name: | Shibasish Sarkar |
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| Title: | Managing Member |
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SELLER |
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| By: | /s/ Shibasish Sarkar |
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| Name: | Shibasish Sarkar |
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BUYER
JC Unify Capital (Holdings) Limited |
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| By: | /s/ Tzu-Yang Huang |
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| Name: | Tzu-Yang Huang |
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| Title: | Authorized Signatory |
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EXHIBIT 2.2
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
PROMISSORY NOTE
Principal Amount: $1,300,000 |
| Dated as of January 31, 2024 |
International Media Acquisition Corp, a Delaware corporation (the “Maker”), promises to pay to the order of JC Unify Capital (Holdings) Limited. or its designated affiliates, registered assigns or successors in interest (the “Payee”) the principal sum of up to One Million and Three Hundred Thousand Dollars ($1,300,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker, at its sole discretion, to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.
1. Principal. The principal balance of this Promissory Note (this “Note”) shall be payable promptly on demand and, in any event, no later than the date on which the Maker terminates or consummates an initial business combination (a “Business Combination”) with a target business (as described in its initial public offering prospectus dated April 7, 2021 (Registration No. 333-255106) (the “Prospectus”)). The principal balance may be prepaid at any time.
(a) Drawdown Requests. The principal of this Note may be drawn down from time to time prior to the due date hereof upon written request from the Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request shall state the amount to be drawn down; provided, however, that the maximum amount of drawdowns outstanding under this Note may not exceed One Million and Three Hundred Thousand Dollars (US$1,300,000). The Parties hereby acknowledge that as of the date of this Promissory Note, US$722,346.55 (the "Existing Drawdown") has already been drawn down. The Existing Drawdown shall be considered part of the principal balance outstanding under this Note and subjected to the terms and conditions of this Note. The Existing Drawdown Amount was wired to the parties set forth in Exhibit A. For the avoidance of doubt, the principal balance outstanding from time to time shall equal the aggregate of the Existing Drawdown amount and all other drawdown amounts made under this Promissory Note.
2. Conversion Rights. The Payee has the right in its sole discretion, but not the obligation, to convert this Note, in whole or in part, into private placement units (the “Units” or “Unit”), of the Maker, as described in the Prospectus, at the option of the Payee. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.
| (a) | Fractional Unit. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this Note that would otherwise be converted into such fractional Unit. |
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| (b) | Effect of Conversion. If the Payee elects to convert this Note into Units, this Note shall be deemed to be converted on the date the Business Combination closes. At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing of a Business Combination, issue and deliver to Payee, at Payee’s address set forth on the signature page hereto or such other address requested by Payee, a certificate or certificates for the number of Units to which Payee is entitled upon such conversion (bearing such legends as are customary pursuant to applicable state and federal securities laws), including a check payable to Payee for any cash amounts payable as a result of any fractional Units as described herein. |
3. Interest. No interest shall accrue on the unpaid principal balance of this Note.
4. Additional Consideration. As additional consideration for the Payee making the Note available to the Maker, the Maker shall issue to the Payee (a) 100,000 new units at the closing of the Business Combination, which shall be identical in all respects to the Private Placement Units issued at the IPO (the “New Units”), and (b) 847,675 shares of Common Stock of the Maker (the “Additional Securities”) of which (i) 250,000 shares of Common Stock shall be subject to no transfer restrictions or any other lock-up provisions, earn outs or other contingencies, and shall be registered for resale pursuant to the first registration statement filed by the Maker or the surviving entity in connection with the closing of the Business Combination, or if no such registration statement is filed in connection with the closing of the Business Combination, the first registration statement filed subsequent to the closing of the Business Combination, which will be filed no later than 30 days after the closing of the Business Combination and declared effective no later than 60 days after the closing of the Business Combination; and (ii) 657,675 Common Stock shall be subject to the same terms and conditions applied to the insider shares described in the Prospectus. The Additional Securities and New Units shall be issued to the Payee in conjunction with the closing of a Business Combination.
5. Application of Re-Payments. All re-payments by the Maker shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.
6. Events of Default. The following shall constitute an event of default (“Event of Default”):
(a) Failure to Make Required Payments. Failure by Maker to (i) issue Units pursuant to Section 3 hereof, if so elected by the Payee or (ii) pay the principal of this Note when due (whether at maturity, because of a mandatory prepayment provision or acceleration or otherwise) or (iii) issue shares of common stock pursuant to Section 5 or (iv) to pay any other amount due under this Note within five (5) business days following the due date thereof.
(b) Voluntary Liquidation, Etc. The commencement by Maker or any subsidiary thereof of a proceeding under any law relating to its bankruptcy, insolvency, reorganization, rehabilitation, adjustment of debts, relief of debtors, dissolution, liquidation, winding up or other similar action (“Insolvency Laws”), or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
(c) Involuntary Bankruptcy, Etc. (A) The commencement by any person other than Maker of a case against Maker or any of its subsidiaries under any Insolvency Law that is not dismissed within 45 days, or (B) the commencement of any proceeding for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or (C) any decree or order is entered declaring Maker or any of its subsidiaries insolvent or bankrupt or ordering the winding-up or liquidation of the affairs of Maker or any of its subsidiaries.
7. Remedies.
(a) Upon the occurrence of an Event of Default specified in Section 6(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
(b) Upon the occurrence of an Event of Default specified in Section 6(b) or 6(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee and without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
8. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
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9. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.
10. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:
If to Maker:
JC Unify Capital (Holdings) Limited
Ritter House
Wickhams Cay II
PO Box 3170
Road Town, Tortola VG1110
British Virgin Islands
If to Payee:
International Media Acquisition Corp.
1604 HWY 130,
NORTH BRUNSWICK, NJ,
08902
Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) business days following tender of delivery or dispatch by express mail or delivery service.
11. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
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12. Jurisdiction. The courts of the State of New York located in the Borough of Manhattan (and appropriate appellate courts) have exclusive jurisdiction to settle any dispute arising out of or in connection with this Note (including a dispute relating to any non-contractual obligations arising out of or in connection with this Note) and the parties submit to the exclusive jurisdiction of the courts of New York. Notwithstanding the foregoing, nothing in this Note shall prevent the Payee from enforcing this Note in any jurisdiction where the assets of the Maker are or may be located.
13. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
14. Trust Waiver. Payee has read the Prospectus and understands that Maker has established the trust account described in the Prospectus (the “Trust Account”), for the benefit of the public shareholders and the underwriters of Maker’s initial public offering (the “Underwriters”) pursuant to the certain investment management trust agreement, dated as of February 14, 2022, between the Maker and Continental Stock Transfer & Trust Company (the “Trust Agreement”) and that, except for certain exceptions described in the Prospectus, Maker may disburse monies from the Trust Account only for the purposes set forth in the Trust Agreement.
Notwithstanding anything herein to the contrary, Payee hereby agrees that he, she or it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account and hereby agrees that, he, she or it will not seek recourse against the Trust Account for any claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Maker; provided that (a) nothing herein shall serve to limit or prohibit Payee’s right to pursue a claim against the Maker for legal relief against monies or other assets held outside the Trust Account, for specific performance or other equitable relief in connection with the consummation of the transactions contemplated hereby (including a claim against the Maker to specifically perform its obligations under this Note) so long as such claim would not affect the Maker’s ability to fulfill its obligation to effectuate any redemption, and (b) nothing herein shall serve to limit or prohibit any claims that Payee may have in the future against the Maker’s assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust Account upon completion of the Business Combination and any assets that have been purchased or acquired with any such funds).
15. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.
16. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.
17. Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Note.
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IN WITNESS WHEREOF, each party hereto, intending to be legally bound hereby, has caused this Note to be duly executed on the day and year first above written.
| International Media Acquisition Corp. |
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| By: | /s/ Shibasish Sarkar |
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| Name: | Shibasish Sarkar |
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| Title: | Chief Executive Officer |
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JC Unify Capital (Holdings) Limited |
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| By: | /s/ Tzu-Yang Huang |
|
| Name: | Tzu-Yang Huang |
|
| Title: | Authorized Signatory |
|
5 |
Cover |
Jan. 31, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | International Media Acquisition Corp. |
Entity Central Index Key | 0001846235 |
Document Type | 8-K |
Amendment Flag | false |
Entity Emerging Growth Company | true |
Document Period End Date | Jan. 31, 2024 |
Entity Ex Transition Period | false |
Entity File Number | 001-40687 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 86-1627460 |
Entity Address Address Line 1 | 1604 US Highway 130 |
Entity Address City Or Town | North Brunswick |
Entity Address State Or Province | NJ |
Entity Address Postal Zip Code | 08902 |
City Area Code | 212 |
Local Phone Number | 960-3677 |
Security 12b Title | Common Stock |
Trading Symbol | IMAQ |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
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