International Media Acquisition in an 8-K said today's shareholder meeting to vote on a deal deadline extension has been postponed until tomorrow at 9 a.m. Eastern.
The goal of the delay is to solicit shareholders in reversing redemptions.
Additionally, the SPAC today signed a loan and transfer agreement with a lender, allowing the sponsor to borrow $385,541.10 initially and $128,513.70 for each month required under the extension, if shareholders approve that measure. For the initial loan, the lender would receive 500,000 shares plus another 166,700 shares for each monthly loan. All loans must be repaid within five days of the SPAC closing a merger.
International Media has a deal to combine with India-based Reliance entertainment Studios Private Limited. A proxy outlning the deal was filed yesterday.
Reliance produces films, web series, digital and mobile offerings, as well as gaming.
Source: International Media Acquisition Delays Extension Vote by 24 Hours to Pursue Redemption Reversals