IMAQ SEC filings, in plain English
Everything International Media has filed with the SEC that we hold — 40 filings, newest first, 40 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: On August 24, 2026, International Media Acquisition Corp. deposited $2,000 into its trust account as an 'Extension Payment' to extend the deadline for consummating an initial business combination from September 2, 2026, to October 2, 2026. Why it matters: The deposit extends the SPAC's redemption deadline by one month, delaying the date by which shareholders must decide whether to redeem their shares or allow the company to pursue a merger target.
What changed: Quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2026, filed by International Media Acquisition Corp., a SPAC seeking to merge with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company. The filing updates the status of the proposed business combination, noting the amendment and restatement of the Merger Agreement on April 30, 2026, to change the transaction structure. It reports an extension of the combination deadline to September 2, 2026 (via subsequent event). The trust account held $3,484,403 as of June 30, 2026, and the company had no cash with a working capital deficit of $7,339,979. Accumulated deficit increased to $15,308,426. New promissory notes from JC Unify and Wei-Hua Chang were outstanding. The company also disclosed material weaknesses in internal controls. Why it matters: The SPAC is approaching its extended deadline of September 2, 2026, with no cash and a large working capital deficit. The amended merger agreement indicates the deal is still in progress but adds complexity. The trust value per share is $12.03, but substantial liabilities (including deferred underwriting fees and promissory notes) could reduce proceeds available to public shareholders. Management expresses substantial doubt about going concern. The outcome of the merger is uncertain, and the company may be forced to liquidate if the deal fails.
What changed vs 2026-02-04trust $3.4M → $3.5M +2%deadline 2026-03-02 → 2026-09-02sponsor loan $2.4M → $2.9Mtrust account, combination deadline, sponsor loans outstanding +23 moved · 2 with no prior record of ours
- Trust account
- $3.4M$3.5M
- Combination deadline
- 2026-03-022026-09-02
- Sponsor loans outstanding
- $2.4M$2.9M
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 290K · unchanged
SpacBrain reads this as $66,719 was added to the trust between the two filings.
The clause “Prepaid expenses 3,085 18,328 Total Current Assets 507,097 551,440 Investments held in Trust Account 3,484,403 3,450,760 Total Assets $ 3,991,500 4,002,200 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or to complete a Business Combination by September 2, 2026 (or January 2, 2027, if it fully exercises its option to extend the date to consummate a business combination), the”…
SpacBrain reads this as the sponsor has advanced $455,000 more.
The clause …“and for working capital purposes. As of June 30, 2026 and March 31, 2026, $2,900,000 were outstanding under all the promissory notes issued to JC Unify. Issuance of Promissory Note Wei-Hua Chang On April 20, 2025, the Company issued”…
The clause “Standards Codification Subtopic 205-40, Presentation of Financial Statements - Going Concern , management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution, along”…
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 shares subject to possible redemption) as of June 30, 2026 and March 31, 2026 655 655 Accumulated deficit ( 15,308,426 ) ( 15,221,442 ) Total”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: This filing is a Form 8-K Current Report and accompanying Extension Letter (Exhibit 99.1) submitted by International Media Acquisition Corp. on July 27, 2026, reporting a routine trust account maintenance event that occurred on July 24, 2026. In its own terms, the document serves as formal written notice to Continental Stock Transfer & Trust Company invoking Section 1(j) of the Investment Management Trust Agreement to shift the business combination deadline and authorize a required monthly funding payment. Pursuant to the Extension Letter drafted and signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, the company deposited $2,000 into the trust account on July 24, 2026. This payment extends the available period to consummate a business combination from August 2, 2026, to September 2, 2026. The filing notes this transaction represents 'the 20th of the twenty-four Extension Letters' permitted under the trust agreement. Standard cover data lists the registrant’s CIK as 0001846235, EIN as 86-1627460, state of incorporation as DE, principal executive address at 1221 Brickell Avenue, Miami, FL 33131, and a business/mail correspondence address at 1604 HWY 130, North Brunswick, NJ 08902. Chardan Capital Markets, LLC was copied on the notice. Why it matters: The extension directly alters the redemption calendar for shareholders, moving the hard deadline for any forced liquidation or settlement from August 2, 2026, to September 2, 2026. By executing a compliant $2,000 deposit and tracking toward the maximum of twenty-four monthly extensions, the sponsor demonstrates continued operational intent to close the announced deal rather than dissolve the trust. The filing provides no updated valuation per share, target company details, merger progress metrics, or changes to the sponsor’s equity or warrant holdings. Investors relying on the September 2, 2026 date for redemption windows or proxy voting schedules now have SEC-filed confirmation of the adjusted timeline.
What changed: Form 8-K Current Report covering Items 8.01 and 9.01, accompanied by Exhibit 99.1, a Trust Account Extension Letter. On June 26, 2026, the company deposited $2,000 into the trust account to extend the business combination deadline from July 2, 2026 to August 2, 2026. Per the Extension Letter signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, this action marks the 19th of the twenty-four permitted extension filings, directly consuming extension capacity and altering the trust cash-flow timeline. Why it matters: This adjustment resets the redemption and potential liquidation clock to August 2, 2026, requiring investors to evaluate the cost of future extension deposits against trust value preservation and deal execution risk. The filing also discloses the registrant’s Delaware incorporation, Emerging Growth Company status, election to forego the extended transition period, Standard Industrial Classification 7812 (Services-Motion Picture & Video Tape Production), and executive office addresses in Miami, Florida, and North Brunswick, New Jersey. No claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or additional personnel changes are contained in this submission.
What changed: International Media Acquisition Corp filed Amendment No. 1 to its Form 10-K for the year ended March 31, 2026 solely to amend and restate the Mercurius & Associates LLP audit report: it removes reference to accumulated deficit of $15,221,442 at March 31, 2026 and $14,852,574 at March 31, 2025, streamlines the going-concern conclusion and makes non-substantive wording changes. The restated report still expresses substantial doubt. The annual report shows $3,450,760 in trust, $0 cash, a $7,219,045 working capital deficit and $8,050,000 of deferred underwriting payable. Why it matters: The going-concern doubt survives the rewrite, so removing the accumulated-deficit figures narrows what the auditor cites without changing the conclusion - do not read the amendment as an improvement. The economics are severe: $3,450,760 of trust against $7,770,485 of current liabilities and $8,050,000 of deferred underwriting, extended by $2,000 monthly deposits. The deadline is July 2, 2026, extendable to January 2, 2027, only days after this June 26, 2026 filing, and the pending deal is the April 30, 2026 amended merger agreement with VCI Holdings and Ethanol Quang Nam.
What changed: 10-K Annual Report for fiscal year ended March 31, 2026. The company entered into an amended merger agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company on April 30, 2026, for a business combination involving ethanol production in Vietnam. The deadline to complete a business combination has been extended to January 2, 2027, with monthly $2,000 trust deposits. The company reported $0 cash, a working capital deficit of $7.2M, and an accumulated deficit of $15.2M as of March 31, 2026. The auditor issued a going concern opinion. The company's securities were delisted from Nasdaq on August 8, 2024, and now trade OTC. The company issued a $3M promissory note to Wei-Hua Chang (with $674,672 drawn), entered into a $499,900 loan agreement with VCI, and signed an equity line of credit with White Lion Capital LLC for up to $300M (contingent on closing). The company also redeemed 685,836 shares at $11.55 in December 2024. The board and management changed: Shibasish Sarkar resigned as CEO, replaced by Yu-Fang Chiu. The company recorded a net loss of $344,794 for the year. Why it matters: This filing provides the most comprehensive update on IMAQ's financial condition, deal progress, and liquidity. The going concern warning and zero cash balance are critical. The company is relying on related-party loans and a new note from Wei-Hua Chang to fund operations. The merger with VCI (Vietnamese ethanol producer) is still pending, and the company has extended the deadline to January 2027. The equity line and loan agreements are contingent on closing. The delisting from Nasdaq reduces liquidity and marketability. The change in control to JC Unify and new CEO signal a shift in direction. The extensive risk factor section about China-based targets suggests the company may pivot to a China target if the VCI deal fails.
What changed vs 2025-07-15trust $11.4M → $3.5M -70%deadline 2025-08-02 → 2026-07-02sponsor loan $2.4M → $2.7Mtrust account, combination deadline, sponsor loans outstanding +33 moved · 3 with no prior record of ours
- Trust account
- $11.4M$3.5M
- Combination deadline
- 2025-08-022026-07-02
- Sponsor loans outstanding
- $2.4M$2.7M
- Going-concern doubt
- stated · unchanged
- Mandate language
- we intend to focus on for our Business Combination or the ab… · unchanged
- Redeemable shares
- 290K · unchanged
SpacBrain reads this as $7,913,113 left the trust between the two filings.
The clause “Prepaid expenses 18,328 17,583 Total Current Assets 551,440 269,131 Investments held in Trust Account 3,450,760 3,380,327 Total Assets $ 4,002,200 $ 3,649,458 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and”…
SpacBrain reads this as 334 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or to complete a Business Combination by July 2, 2026 (or January 2, 2027, if it fully exercises its option to extend the date to consummate a business combination), the”…
SpacBrain reads this as the sponsor has advanced $214,713 more.
The clause …“an event of default. As of March 31, 2026 and 2025, $2,900,000 and $2,659,713 were outstanding under all the JC Unify promissory notes issued to the Buyer, respectively. 9 Issuance of Unsecured Promissory Note Wei-Hua Chang”…
The clause …“accounting firm s report contains an explanatory paragraph that expresses substantial doubt about our ability continue as a going concern . As of March 31, 2026, the Company had $0 in cash outside of the Trust Account, and a working”…
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 shares subject to possible redemption as of March 31, 2026 and 2025) 655 655 Accumulated deficit ( 15,221,442 ) ( 14,852,574 ) Total Stockholders”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A routine compliance exhibit and Form 8-K Current Report filed by International Media Acquisition Corp. to disclose a mandatory trust account deposit and formalize a one-month deadline extension under the entity’s investment management trust agreement. Per Item 8.01 and Exhibit 99.1, the registrant deposited $2,000 into the trust account to extend the period to consummate an initial business combination from June 2, 2026 to July 2, 2026. Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu signed the authorization instructing the trustee to wire and deposit the funds upon receipt. The extension letter states this is the 18th of the twenty-four permitted extensions. Why it matters: The filing mechanically preserves the redemption deadline by shifting liquidation risk past July 2, 2026, confirming the sponsor’s continued commitment to fund $2,000 per extension cycle while maintaining the trust balance. No additional claims regarding target selection, customer concentration, revenue forecasts, market positioning, technology pipelines, strategic partnerships, or pending litigation are disclosed. All referenced administrative details—including the July 28, 2021 trust agreement origination date and its December 31, 2024 amendment—reflect routine compliance actions documented by the issuer. Chardan Capital Markets, LLC is noted as the copied financial advisor, indicating ongoing regulatory visibility. The filing is marked material because it directly dictates the near-term trust dissolution calendar and extension exhaustion schedule, with confidence rated at 1.0 based on unambiguous inline XBRL disclosures.
What changed: Form 8-K disclosing an amended and restated merger agreement for a business combination between International Media Acquisition Corp. (SPAC) and VCI Holdings Limited, a biofuels company, changing the transaction structure to a share purchase followed by a reincorporation merger and redomestication to the British Virgin Islands. The parties amended and restated the original merger agreement to adopt a new three-step structure: (1) a share purchase by a newly formed BVI purchaser (Valix Limited) of all VCI shares in exchange for 98,000,000 Class A and 2,000,000 Class B ordinary shares (implying a $1 billion valuation at $10 per share); (2) a reincorporation merger of a merger sub into IMAQ, with IMAQ becoming a wholly owned subsidiary of the purchaser; (3) redomestication of the surviving corporation to the BVI. The agreement also specifies addition of earnout shares (up to 27,000,000 shares) tied to stock price, revenue targets, and dividend declarations; lock-up provisions; and conditions including shareholder approval, SEC effectiveness of a registration statement, and delivery of audited IFRS financials by May 31, 2026. Why it matters: This filing provides the definitive terms for the SPAC's proposed business combination, including the trust fund balance (~$3.4 million), redemption mechanics, and key deadlines. The trust per share is $12.03, but the trust is small relative to the implied deal value. Investors should note the deadline for audited financials (May 31, 2026) and the termination right if not delivered by June 30, 2026. The document also reveals sponsor conduct (lock-ups, indemnification) and conditions that must be met for closing, including shareholder approval and Nasdaq listing approval. The deal has a long deadline (2026-09-02) but progress is now visible with the amended agreement.
What changed: Form 8-K filed by International Media Acquisition Corp. (IMAQ) reporting its entry into an amended and restated merger agreement (the Merger Agreement) to restructure its proposed business combination with Vietnam biofuels companies VCI Holdings and Ethanol Quang Nam. The filing includes the full text of the Merger Agreement as an exhibit. The filing contains the amended and restated Merger Agreement, dated April 30, 2026, which restructures the previously announced business combination. Instead of a direct merger, the new structure involves: (a) a share purchase in which a new BVI entity, Valix Limited (Purchaser), acquires 100% of VCI Holdings in exchange for 98 million Purchaser Class A shares and 2 million Purchaser Class B shares; (b) a reincorporation merger where a Purchaser subsidiary merges with IMAQ, with IMAQ becoming a wholly owned subsidiary of Purchaser (and IMAQ shareholders receiving one Purchaser Class A share per IMAQ share); and (c) a redomestication of the surviving entity from Delaware to the BVI. The trust value per share stated in the externally supplied data ($12.03) is not in the document — the document states the trust fund has approximately $3.4 million as of the agreement date. Why it matters: The filing is material because it restructures the de-SPAC transaction, introduces a new BVI public vehicle (Valix Limited) as the acquiror/parent post-merger, and sets out detailed consideration, earn-out, and lock-up terms. The trust is small (~$3.4 million, including deferred underwriting), which may lead to significant redemptions if the deal is not compelling. The target is a Vietnamese biofuels group, and the IMAQ SPAC has a Sep 2, 2026 deadline. The agreement includes a hard deadline for target audited financials (May 31, 2026) with IMAQ having a termination right if not delivered by June 30, 2026. Lock-up periods for major holders are 185 or 365 days. Earn-out milestones require $15 stock price, $500 million in consolidated revenue, or a $20 million dividend.
What changed: A Form 8-K current report and attached extension letter (Exhibit 99.1) filed by International Media Acquisition Corp. Per the Form 8-K and Exhibit 99.1 dated April 27, 2026, International Media Acquisition Corp. deposited $2,000 to its trust account, mechanically extending the deadline to consummate an initial business combination from May 2, 2026 to June 2, 2026. The extension letter identifies this as the 17th of the twenty-four permitted extensions. CEO and CFO Yu-Fang Chiu executed the notice, copying Chardan Capital Markets, LLC. Why it matters: The filing shifts the final shareholder redemption and potential dissolution deadline to June 2, 2026. According to the extension letter, continuing to utilize the full twenty-four extension quota signals management is exercising all available grace periods to identify a target without yet disclosing deal terms, financial metrics, or operational details. The document contains no announcements regarding customers, revenue, market size, technology, strategic partnerships, litigation, or executive personnel changes beyond the signing officer listed. The sole material update is the one-month deadline adjustment and the confirmation of the monthly $2,000 sponsor trust contribution.
What changed: A Form 8-K Current Report and accompanying Extension Letter (Exhibit 99.1) filing a routine compliance disclosure regarding a trust account extension. According to Item 8.01 of the March 27, 2026 8-K, the registrant deposited $2,000 into the trust account to move the initial business combination deadline from April 2, 2026 to May 2, 2026. In the attached Extension Letter, Yu-Fang Chiu, signing in the capacity of Chief Executive Officer and Chief Financial Officer, certifies the wire transfer and states this constitutes the 16th of twenty-four total extensions permitted under the Trust Agreement. The letter instructs Continental Stock Transfer & Trust Company to credit the $2,000 to trust investments upon receipt and copies Chardan Capital Markets, LLC. Why it matters: The extension mechanically defers the redemption and liquidation trigger by thirty days to May 2, 2026, preserving the standing per-share trust balance for non-redeeming shareholders while continuing to fund the extension regime through sponsor payments. Reporting the cumulative tally at 16 of 24 allowable periods indicates advanced timeline consumption but confirms the sponsor remains operationally compliant and financially committed, preventing an automatic trust dissolution event. The filing contains no updates on target selection, revenue metrics, litigation, or changes to securities registration.
What changed: A Form 8-K current report and attached Exhibit 99.1, an extension letter submitted to Continental Stock Transfer & Trust Company, notifying that International Media Acquisition Corp. has funded a trust account extension. International Media Acquisition Corp. reported that on February 25, 2026, it deposited $2,000 into the trust account to extend the deadline to consummate an initial business combination from March 2, 2026, to April 2, 2026. An extension letter dated February 23, 2026 and executed by Yu-Fang Chiu in her capacity as Chief Executive Officer and Chief Financial Officer confirms the authorization of the $2,000 wire to the trustee. The letter states this payment represents the 15th of twenty-four permitted extensions under the Investment Management Trust Agreement. The filing was signed and dated February 26, 2026, with a copy distributed to Chardan Capital Markets, LLC. Why it matters: The extension shifts the mandatory redemption and liquidation window forward by one month, giving investors an additional ~30 days before forced dissolution triggers if a merger remains pending. It confirms ongoing sponsor-funded survival payments of $2,000 per cycle and reveals that management has utilized 15 of the maximum 24 allowable extensions under the trust agreement, indicating prolonged deal search activity rather than imminent closing. Redemption trackers should update the applicable termination date to April 2, 2026, and monitor remaining extension capacity for future liquidity or dilution risk assessments.
What changed: Form 10-Q (Quarterly Report) for International Media Acquisition Corp. for the three and nine months ended December 31, 2025. Trust account value increased slightly from $3,380,327 to $3,417,684; cash balance fell to $0 from $241,548; working capital deficit grew to $7.1 million; accumulated deficit increased to $15.1 million; monthly $2,000 extension deposits continued, with the latest on January 28, 2026 extending the deadline to March 2, 2026; no change in the pending merger with VCI Holdings/VNB since the April 2025 Merger Agreement; CEO/CFO/Chairman Yu-Fang Chiu remains in place following March 2025 resignations. Why it matters: The SPAC continues to burn through cash with no operating revenue, relying on related-party loans to fund expenses and extensions. The trust value per share (~$11.80) remains above $10, but the company has zero cash on hand and a substantial deficit, raising going-concern doubts. The merger deadline is January 2, 2027, with monthly $2,000 extensions available; any failure to close by then would trigger liquidation. The pending $1 billion merger with Vietnam Biofuels is the sole path to value, but the filing provides no update on progress or conditions.
What changed vs 2025-11-13trust $3.4M → $3.4M -0%deadline 2025-12-02 → 2026-03-02trust account, combination deadline, going-concern doubt +22 moved · 3 with no prior record of ours
- Trust account
- $3.4M$3.4M
- Combination deadline
- 2025-12-022026-03-02
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $2.4M · unchanged
- Redeemable shares
- 290K · unchanged
SpacBrain reads this as $3,973 left the trust between the two filings.
The clause “Prepaid expenses 19,066 17,583 Total Current Assets 75,916 269,131 Investments held in Trust Account 3,417,684 3,380,327 Total Assets $ 3,493,600 3,649,458 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and”…
SpacBrain reads this as 90 days later than the previous record.
The clause …“has to consummate an initial business combination from August 2, 2025 to March 2, 2026. Results of Operations We have neither engaged in any operations nor generated any operating revenues to date. Our only activities for the”…
The clause …“such Business Combination. In connection with the Company s assessment of going concern considerations in accordance with Financial Accounting Standard Board s Accounting Standards Update ( ASU ) 2014-15, Disclosures of”…
The clause …“Agreement dated March 11, 2025. As of December 31, 2025 and March 31, 2025, $ 2,445,000 were outstanding under all the promissory notes issued to the Prior Sponsor. Due to Prior Sponsor The Company received additional funds from the”…
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 shares subject to possible redemption) as of December 31, 2025 and March 31, 2025 655 655 Accumulated deficit ( 15,141,411 ) ( 14,852,574 ) Total”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: This document IS a routine compliance exhibit and current report (Form 8-K with attached Extension Letter, Exhibit 99.1) filed by International Media Acquisition Corp., formally notifying its trustee, Continental Stock Transfer & Trust Company, of a scheduled deadline extension and accompanying trust deposit. According to the registrant, as disclosed in Item 8.01 of the 8-K and detailed in the Extension Letter signed by Yu-Fang Chiu, Chief Executive Officer and Chief Financial Officer, the Company deposited $2,000 into the trust account to shift the applicable deadline from February 2, 2026 to March 2, 2026. The filing states this deposit covers the 14th of twenty-four permitted extensions under the Investment Management Trust Agreement. Why it matters: For investors tracking the redemption calendar and sponsor conduct, this filing mechanically postpones the liquidation and shareholder redemption trigger by exactly one month, extending the window to close an initial business combination. The documentation quantifies the sponsor’s ongoing financial commitment to maintaining compliance, as the registrant confirms fourteen prior $2,000 outlays have already been wired into the trust account to preserve listing eligibility. The submission contains no disclosures regarding prospective merger candidates, projected revenues, market size estimates, technological capabilities, commercial partnerships, litigation history, or executive departures; the substance is strictly limited to administrative timeline adjustment and mandatory trust funding.
What changed: A Form 8-K current report (Item 8.01 Other Events) accompanied by Exhibit 99.1, a trust account extension letter addressed to Continental Stock Transfer & Trust Company. According to Item 8.01 of the filing, on December 29, 2025, the registrant deposited $2,000 into the trust account. The attached extension letter, dated December 23, 2025 and signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, authorizes the trustee to credit the trust with that amount and formally extends the period to consummate an initial business combination from January 2, 2026 to February 2, 2026. The letter states this constitutes the 13th of the twenty-four permissible extensions under the Trust Agreement. No figures, operational milestones, or target developments were disclosed alongside the mechanic. Why it matters: For investors monitoring redemption horizons and trust solvency, the confirmed deposit preserves trust capital while resetting the near-term liquidation checkpoint by 31 days. Tracking the contractual ledger leaves eleven remaining extensions after this one. Outside of these administrative timeline adjustments and routine sponsor funding, the submission contains no substantive claims regarding customers, revenue, market size, strategy, technology, partnerships, or litigation. Per the signature block and cover page disclosures, the only actionable update is the shifted deadline and confirmation of the monthly extension fee, leaving deal progression unchanged and trust valuation mechanics dependent on subsequent filings.
What changed: A Form 8-K Current Report filed under Items 8.01 and 9.01, accompanied by Exhibit 99.1 (an Extension Letter), which serves as formal written notice to Continental Stock Transfer & Trust Company regarding a trust account amendment and funding event pursuant to Section 1(j) of the Investment Management Trust Agreement. On November 26, 2025, the registrant deposited $2,000 into the trust account (designated the “Extension Payment”), advancing the deadline to consummate an initial business combination from December 2, 2025 to January 2, 2026. This transaction constitutes the 12th of twenty-four permissible extensions under the trust arrangement originally dated July 28, 2021 (amended through December 31, 2024). Yu-Fang Chiu, identified as both Chief Executive Officer and Chief Financial Officer, executed the notice on behalf of the company. The filing also discloses administrative particulars: the principal executive office is located at 1221 Brickell Avenue, Miami, FL 33131; the mailing and business address is 1604 HWY 130, North Brunswick, NJ 08902; the entity operates under SIC code 7812 (Services-Motion Picture & Video Tape Production); and it has elected Emerging Growth Company status. The four registered security classes (Common Stock IMAQ, Warrants IMAQW, Rights IMAQR, Units IMAQU) list no corresponding national exchange. Why it matters: Mechanically, the filing postpones the liquidation and redemption cutoff by exactly one month, granting the sponsor additional time to finalize a merger without triggering default. The cumulative use of twelve extensions signals sustained pursuit of a target but also indicates that a definitive agreement remains unsettled, requiring investors to closely track the new January 2, 2026 deadline and anticipate whether the sponsor will exercise the remaining twelve extension windows or initiate dissolution proceedings. The document makes no claims regarding customers, revenue, market size, strategy, technology, partnerships, or litigation; it is strictly a procedural trust compliance instrument. Accordingly, the $2,000 deposit functions solely as a contractual extension fee rather than capital directed toward a specific acquisition, and no per-share trust valuation adjustments or redemption price changes are disclosed in this submission.
What changed: A Form 10-Q quarterly report filed by International Media Acquisition Corp. for the period ended September 30, 2025, filed with the SEC on November 13, 2025. No new deal terms or redemption-deadline changes were reported. The filing states Trust Account assets were $3,421,657 as of September 30, 2025, versus $3,380,327 at March 31, 2025, with 289,694 shares subject to possible redemption at a redemption value of $11.81 per share. It also reports a $2,000 extension deposit made on October 24, 2025, extending the current deadline to December 2, 2025, while stating the Combination Period runs to January 2, 2027. The company continues to pursue the previously announced VCI/Vietnam Biofuels merger, with aggregate consideration of $1,000,000,000 divided by $10.00, payable as 90,000,000 Class A and 10,000,000 Class B shares, plus a White Lion Capital equity line of up to $300,000,000. Cash was $0, working capital deficit was $7,049,524, and management again raised substantial doubt about the company's ability to continue as a going concern. Why it matters: For investors tracking redemption mechanics and deal progress, this filing confirms the trust holds $3,421,657, the company has no cash outside the trust, and it continues paying monthly extension deposits while pursuing a very large announced merger. It also establishes the current per-share redemption value at $11.81 and shows management warning that failure to complete a business combination could force liquidation.
What changed vs 2025-08-14trust $3.4M → $3.4M +0%deadline 2025-09-02 → 2025-12-02trust account, combination deadline, going-concern doubt +22 moved · 3 with no prior record of ours
- Trust account
- $3.4M$3.4M
- Combination deadline
- 2025-09-022025-12-02
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $2.4M · unchanged
- Redeemable shares
- 290K · unchanged
SpacBrain reads this as $69 was added to the trust between the two filings.
The clause “Prepaid expenses 19,879 17,583 Total Current Assets 76,729 269,131 Investments held in Trust Account 3,421,657 3,380,327 Total Assets $ 3,498,386 $ 3,649,458 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and”…
SpacBrain reads this as 91 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or to complete a Business Combination by December 2, 2025 (or January 2, 2027, if it fully exercises its option to extend the date to consummate a business combination), the”…
The clause …“such Business Combination. In connection with the Company s assessment of going concern considerations in accordance with Financial Accounting Standard Board s Accounting Standards Update ( ASU ) 2014-15, Disclosures of”…
The clause “Up Agreement dated March 11, 2025. As of September 30, 2025 and March 31, 2025, $ 2,445,000 were outstanding under all the promissory notes issued to the Prior Sponsor. Due to Prior Sponsor The Company received additional funds from the”…
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 shares subject to possible redemption) as of September 30, 2025 and March 31, 2025 655 655 Accumulated deficit ( 15,083,870 ) ( 14,852,574 ) Total”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: This document is a Form 8-K current report containing Item 8.01 disclosure and an attached Extension Letter (Exhibit 99.1) filed by International Media Acquisition Corp. According to International Media Acquisition Corp.’s Item 8.01 and Exhibit 99.1, signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, the company deposited $2,000 into its trust account on October 24, 2025. This payment formally extends the period to complete an initial business combination from November 2, 2025, to December 2, 2025. The extension letter states this is the 11th of twenty-four permitted extensions under the Investment Management Trust Agreement dated July 28, 2021. The notice was copied to Chardan Capital Markets, LLC. Why it matters: The filing moves the immediate trust liquidation and shareholder redemption trigger out by thirty days to December 2, 2025. Because the $2,000 deposit was funded by the registrant rather than a third party, it signals continuous sponsor willingness to preserve the SPAC vehicle while searching for a target. However, the submission contains no information regarding deal progress, target identity, revenue projections, customer contracts, litigation, or personnel changes beyond the CEO/CFO signature. Shareholders must weigh the $2,000 monthly extension cost against the remaining extension window to determine if capital preservation warrants holding shares past December 2, 2025.
What changed: A routine compliance exhibit—specifically, a Form 8-K Current Report and an attached Extension Letter to the trustee regarding a trust account funding event and corresponding business combination deadline extension. Per the registrant’s Item 8.01 disclosure dated September 25, 2025, International Media Acquisition Corp. deposited $2,000 into the trust account. As detailed in the attached Extension Letter (dated September 21, 2025, and executed by Yu-Fang Chiu, Chief Executive Officer and Chief Financial Officer), this payment extends the period available to consummate an initial business combination from October 2, 2025 to November 2, 2025. The letter states this constitutes the 10th of twenty-four permissible extensions under the Investment Management Trust Agreement originally dated July 28, 2021. The filing additionally confirms Delaware incorporation, Standard Industrial Classification code 7812, fiscal year end 0331, Commission File Number 001-40687, CIK 0001846235, EIN 86-1627460, principal executive address at 1221 Brickell Avenue, Miami, FL 33131, mailing/business address at 1604 HWY 130, North Brunswick, NJ 08902, and telephone number (212) 960-3677. Chardan Capital Markets, LLC was copied on the extension notice. Why it matters: This submission mechanically shifts the SPAC’s redemption and termination timeline forward by thirty days, resetting the window for shareholder voting or redemption before potential liquidation. Tracking the sponsor’s extension utilization (ten of twenty-four allowed) signals management’s continued financial commitment to pursuing a merger, which directly impacts trust asset preservation and public float duration risk. Beyond the procedural calendar adjustment and $2,000 sponsorship funding, the document discloses zero strategic developments, target pipelines, revenue projections, market valuations, partnership announcements, litigation updates, or executive departures. For investors monitoring liquidity windows and sponsor behavior, this filing confirms timeline continuity but provides no fundamental catalysts or valuation inputs, requiring reliance on subsequent filings for any deal progression or redemption threshold triggers.
What changed: Form 8-K Current Report accompanying an Extension Letter that amends the business combination deadline. Per Item 8.01 and the attached Exhibit 99.1, on August 25, 2025, International Media Acquisition Corp. wired a $2,000 deposit to Continental Stock Transfer & Trust Company to fund the trust account. The Extension Letter, signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, officially moves the deadline to consummate an initial business combination from September 2, 2025 to October 2, 2025. The document states this is the ninth of the maximum twenty-four extension letters permitted under the trust agreement. Why it matters: This filing mechanically resets the IMAQ redemption and merger timeline, giving public shareholders exactly one additional month to elect redemption or await target integration. The $2,000 monthly outflow is a standard preservation fee that maintains the existing $12.03 trust value without triggering liquidation. By explicitly counting this as the ninth of twenty-four allowable extensions, the sponsor provides precise countdown visibility for the trust horizon, allowing investors to price remaining uncertainty and plan around the impending final extension window.
What changed: A Form 3/A amendment insider ownership report filed under Section 16 of the Securities Exchange Act. The filing amends prior Section 16 disclosures to reflect that Chiu Yu-Fang, identified as a director, CEO, CFO, and 10% owner, holds 4,782,675 shares indirectly. As an amendment (A), it corrects or supplements earlier reporting periods or transaction logs, though the provided excerpt only states the current indirect holding total without listing the specific corrected entries. Why it matters: FIRST, this is a routine Section 16 compliance exhibit updating insider equity reporting. THEN, regarding redemption deadlines, trust value, extensions, deal progress, and sponsor conduct: the filing alters none of those mechanics. It does not modify the September 2, 2026 liquidation deadline, the stated $12.03 per-share trust balance, or the announced business combination timeline, nor does it signal a sponsor-led extension vote or merger termination. The amended disclosure of 4,782,675 indirectly held shares by a named executive and 10% equity holder confirms internal cap table concentration but carries zero mechanical impact on public shareholders’ redemption rights or the SPAC’s capital structure. THEN, regarding other substance: the document contains no claims, projections, or operational data regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel beyond the standard identification of the reporting person and the attributed indirect share count. Source of all stated figures and positions: SEC filing text [0001213900-25-077023] and issuer metadata.
What changed: Form 10-Q (Quarterly Report) under Section 13 or 15(d) of the Securities Exchange Act of 1934 for International Media Acquisition Corp., a blank check company. The filing is a routine quarterly report for the period ended June 30, 2025. There are no changes to the core mechanics that would affect a redemption calendar. The trust value per share is $11.77 (down from $11.62 at March 31, 2025). The deadline remains September 2, 2026 (with a $2,000 monthly extension deposit made through July 25, 2025, extending from July 2, 2025 to September 2, 2025). The company has a working capital deficit of $6,945,315 and an accumulated deficit of $14,985,167. Management has expressed substantial doubt about the company's ability to continue as a going concern. Why it matters: This filing confirms the company is still actively seeking a business combination, having entered into a Merger Agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company on April 3, 2025. The trust account balance is low at $3.4 million. The company has significant liabilities, including $8.05 million in deferred underwriting fees and various promissory notes. The filing also details the resignation of the former CEO and the appointment of a new CEO, CFO, and Chairman.
What changed vs 2025-02-14trust $12.0M → $3.4M -71%deadline 2025-03-02 → 2025-09-02trust account, combination deadline, going-concern doubt +22 moved · 3 with no prior record of ours
- Trust account
- $12.0M$3.4M
- Combination deadline
- 2025-03-022025-09-02
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $2.4M · unchanged
- Redeemable shares
- 290K · unchanged
SpacBrain reads this as $8,553,812 left the trust between the two filings.
The clause “Prepaid expenses 2,889 17,583 Total Current Assets 174,263 269,131 Investments held in Trust Account 3,421,588 3,380,327 Total Assets $ 3,595,851 $ 3,649,458 LIABILITIES AND STOCKHOLDERS DEFICIT Current Liabilities: Accounts payable and”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or to complete a Business Combination by September 2, 2025 (or January 2, 2028, if it fully exercises its option to extend the date to consummate a business combination), the”…
The clause …“such Business Combination. In connection with the Company s assessment of going concern considerations in accordance with Financial Accounting Standard Board s Accounting Standards Update ( ASU ) 2014-15, Disclosures of”…
The clause “Lock-Up Agreement dated March 11, 2025. As of June 30, 2025 and March 31, 2025, $ 2,445,000 were outstanding under all the promissory notes issued to the Prior Sponsor. Due to Prior Sponsor The Company received additional funds from the”…
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 shares subject to possible redemption) as of June 30, 2025 and March 31, 2025 655 655 Accumulated deficit ( 14,985,167 ) ( 14,852,574 ) Total”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Form 8-K Current Report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. In a filing dated July 25, 2025 and signed by Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu, International Media Acquisition Corp. reports that the Company deposited a $2,000 Extension Payment into its trust account to extend the deadline to consummate an initial business combination from August 2, 2025 to September 2, 2025. Why it matters: The submission formally updates the mandatory liquidation window by thirty days, confirming management chose to fund the monthly extension rather than initiate a redemption or dissolve the trust. The text contains no information regarding a target company, deal progress, projected revenues, market size, strategic partnerships, litigation, or sponsor governance issues. Neither the aggregate trust balance nor the per-share trust value is disclosed, so the exact capitalization impact of the $2,000 deposit remains unquantified in this report. Investors must rely on this updated September 2, 2025 date for any upcoming redemption or conversion deadlines.
What changed: Form 10-K (Annual Report) for fiscal year ended March 31, 2025, filed by International Media Acquisition Corp. (IMAQ), a blank-check company. IMAQ filed its annual report, recapping a year with no revenue, a net loss of $408,107, and a trust account drawdown from $11.4 million to $3.4 million due to redemptions. The SPAC announced a definitive $1 billion Merger Agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company (VNB) on April 3, 2025, valuing the combined entity at $1 billion through the issuance of 100 million shares. The filing discloses a new Equity Line of Credit Agreement with White Lion Capital LLC for up to $300 million (expandable to $500 million) and a $3 million unsecured promissory note from Wei-Hua Chang, both entered into on April 20, 2025. The sponsor (Content Creation Media) was largely replaced by JC Unify Capital (Holdings) Limited, controlled by new CEO Yu-Fang Chiu, following a Securities Purchase Agreement closed on March 11, 2025. The trust per-share redemption value closed the fiscal year at $11.62 net of accruals. The report identifies a material weakness in internal controls over financial reporting. Why it matters: The filing confirms IMAQ is no longer a shell in search mode: it has a signed deal with a Vietnamese biofuels company (VNB), a target relative to the $12.03 trust. The $1 billion valuation and $300 million equity line signal intention to close, but the tiny $2,000/month extension fee highlights depleted cash. The change in control to Chiu/Taiwan-based interests shifts jurisdiction risks. The auditor’s going-concern opinion and working capital deficit ($6.8M) underscore execution risk. Redemption and trust mechanics are fully detailed, offering a clear baseline for investors tracking the deadline.
What changed vs 2024-08-08trust $21.0M → $11.4M -46%deadline 2025-07-02 → 2025-08-02sponsor loan $386K → $2.4Mshares 976K → 290K -70%trust account, combination deadline, sponsor loans outstanding +34 moved · 2 with no prior record of ours
- Trust account
- $21.0M$11.4M
- Combination deadline
- 2025-07-022025-08-02
- Sponsor loans outstanding
- $386K$2.4M
- Redeemable shares
- 976K290K
- Mandate language
- not previously extractedwe intend to focus on for our Business Combination or the ab…
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $9,614,583 left the trust between the two filings.
The clause “Amount at Fair Value Level 1 Level 2 Level 3 March 31, 2024 Assets Investments held in Trust Account: Money Market investments $ 11,363,873 $ 11,363,873 $ - $ - Liabilities Warrant liability - Private Warrants $ 31,079 $ - $ - $ 31,079”…
SpacBrain reads this as 31 days later than the previous record.
The clause …“to raise additional funds to alleviate liquidity needs or to complete a Business Combination by August 2, 2025 (or January 2, 2027, if it fully exercises its option to extend the date to consummate a business combination), the”…
SpacBrain reads this as the sponsor has advanced $2,059,459 more.
The clause …“in the Lock-Up Agreement dated March 11, 2025. As of March 31, 2025 and 2024, $2,445,000 were outstanding under all the promissory notes issued to the Prior Sponsor. 55 Promissory Notes to JC Unify On January 31, 2024, the Company”…
SpacBrain reads this as 685,836 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 6,546,900 shares issued and outstanding (excluding 289,694 and 975,530 shares subject to possible redemption as of March 31, 2025 and 2024, respectively) 655 655 Accumulated deficit ( 14,852,574 ) ( 13,993,133”…
The clause …“accounting firm s report contains an explanatory paragraph that expresses substantial doubt about our ability continue as a going concern . As of March 31, 2025, the Company had $241,548 in cash outside of the Trust Account, and a”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A Form 12b-25, Notification of Late Filing — a routine compliance exhibit submitted by International Media Acquisition Corp. The registrant states that its Annual Report on Form 10-K for the period ended March 31, 2025, could not be filed on time because 'financial statements could not be completed in sufficient time to solicit and obtain the necessary review of the subject report and signatures thereto.' Chief Executive Officer Yu-Fang Chiu certifies that the report will be filed within fifteen calendar days of the original deadline, that all other periodic reports required during the preceding twelve months were filed on time, and that management does not anticipate any significant change in results of operations versus the prior fiscal year. The filing contains no amendment to redemption calendars, no notice of trust account movements, no merger expansion or extension request, and no update on target business execution or sponsor funding. Why it matters: For a SPAC with an announced deal, a $12.03 trust per share, and a September 2, 2026 completion deadline, a delayed 10-K indicates potential audit sequencing issues, valuation dependencies, or internal control frictions that can cascade into missed extension voting windows or sponsor capital commitments. Investors tracking the redemption and extension timeline should monitor whether this reporting lag coincides with a formal proposal to extend the business combination deadline, as delayed financial sign-offs frequently precede governance or liquidity discussions at upcoming shareholder meetings. The submission contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel beyond standard administrative disclosures.
What changed: A Form 8-K current report documenting a trust account extension payment and a subsequent administrative extension of the deadline to consummate an initial business combination. Per Item 8.01 of the filing, on June 26, 2025, the Company deposited exactly $2,000 into the trust account labeled as an 'Extension Payment.' This deposit formally extends the period to consummate an initial business combination from July 2, 2025, to August 2, 2025. Yu-Fang Chiu, identified as Chief Executive Officer and Chief Financial Officer, signed the report on behalf of the registrant. The filing introduces no updates to redemption procedures, target specifications, financing terms, or sponsor governance protocols. Why it matters: This 8-K directly shifts the SPAC's liquidation and final redemption cutoff date, extending the timeline to August 2, 2025. It confirms the sponsor satisfied the contractual requirement to fund a $2,000 extension installment, demonstrating continued intent to negotiate a business combination rather than pursue immediate dissolution. Because the text contains no accounting breakdown or per-share trust recalculation, it does not alter the externally referenced $12.03 per-share trust baseline. Investors relying on the filing solely for deadline tracking should treat the extension as routine and non-modifying regarding underlying valuation or deal progress.
What changed: A Form 8-K Current Report. As stated in the filing, on May 29, 2025, the Company deposited $2,000 into the trust account to extend the period to consummate an initial business combination from June 2, 2025 to July 2, 2025. Why it matters: This directly adjusts the SPAC’s deal deadline and trust account trajectory by one month, providing transparency on the $2,000 extension fee for investors monitoring redemption windows and extension patterns. Beyond the mechanical update, the report discloses a relocation of principal executive offices to 1221 Brickell Avenue, Miami, FL 33131, from the former North Brunswick, NJ location. No additional claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or new personnel changes were reported beyond Yu-Fang Chiu signing the report as Chief Executive Officer and Chief Financial Officer.
What changed: Form 8-K Current Report. International Media Acquisition Corp. deposited $2,000 to its trust account, extending the business combination deadline from May 2, 2025 to June 2, 2025. Why it matters: This administrative move adjusts the redemption and liquidation timeline by one calendar month, determining when shareholders' right to convert shares into trust cash expires prior to potential dissolution. Yu-Fang Chiu, acting as Chief Executive Officer and Chief Financial Officer, certified the filing. Beyond the deadline shift, the document contains no new disclosures regarding target candidates, projected revenues, market positioning, technological assets, commercial partnerships, litigation exposure, or changes to sponsor conduct.
What changed: A Form 8-K Rule 425 written communication disclosing two definitive financing agreements executed on April 20, 2025: an unsecured promissory note issued to Wei-Hua Chang and a non-interest-bearing loan agreement extended to VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company. The Registrant states that it issued an unsecured promissory note for up to Three Million Dollars (US$3,000,000) to Wei-Hua Chang, with Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu signing as Maker. According to the Promissory Note exhibit, drawdown availability is scheduled at Five Hundred Thousand Dollars (US$500,000) upon signing, Five Hundred Thousand Dollars (US$500,000) by May 15, 2025, One Million Dollars (US$1,000,000) by June 15, 2025, and One Million Dollars (US$1,000,000) by July 30, 2025. The filing specifies that proceeds may fund operating expenses and 'any payment to extend the period of time the Company has to consummate an initial business combination.' Concurrently, the Registrant entered into a Loan Agreement providing up to $499,900 to VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company (jointly termed the Borrower) solely for Transaction-related expenditures. The filing notes repayment is due within thirty (30) days if the April 3, 2025 Merger Agreement terminates or proves unconsummatable, but may be waived at the Borrower's option upon successful closing. The Promissory Note grants the Lender conversion rights into units of one share and one-twentieth of one right, calculated by dividing the outstanding principal by $10.00. Why it matters: The Registrant explicitly designates the $3,000,000 facility as available funding for extension payments, which according to the filing directly preserves the September 2, 2026 deadline without requiring immediate cash outflows from public trust accounts. The Promissory Note’s Trust Waiver section shows the Lender acknowledged the established trust for public shareholders but contractually waived recourse against it, restricting all future claims to non-trust corporate assets. The $499,900 borrowing arrangement shifts transaction cost burdens to the target group, thereby protecting the remaining per-share trust value ($12.03 per system records) from depletion during diligence and proxy solicitation. Per the filing, International Media Mini Acquisition Corp. and VCI Holdings Limited intend to jointly file a registration statement containing preliminary and definitive proxy statements for shareholder approval, indicating active progression toward the biofuel merger vote. Forward-looking statements authored by IMAQ and Target Company management caution that outcomes depend on Vietnamese economic stability, biofuel market evolution, regulatory approvals, and the combined entity’s capacity to execute growth milestones, meaning investors monitoring deal certainty should weigh these disclosed risk factors alongside the newly secured financing runway.
What changed: Form 8-K reporting entry into material definitive agreements—a $3,000,000 Promissory Note and a $499,900 Loan Agreement. Per the filing, International Media Acquisition Corp. executed a $3,000,000 unsecured promissory note to Wei-Hua Chang, convertible at a stated rate of $10.00 per unit, with proceeds designated for company expenses, working capital, and payments to extend the initial business combination deadline. The Company also extended a non-interest-bearing $499,900 loan to VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company to cover transaction-related costs. According to the executed agreements, both parties explicitly waive any right, title, interest, or claim against the Company’s Trust Account, contractually protecting the $12.03 per share redemption reserve from these financing obligations. Why it matters: By contractually ring-fencing the Trust Account from these financing vehicles, the Company safeguards the full $12.03 trust value for redeeming shareholders while securing flexible capital for deal execution and potential deadline extensions beyond the stated September 2, 2026 termination date. The financing terms tie the note's conversion and the loan's repayment/waiver directly to merger consummation or failure, aligning external capital access with deal momentum and sponsor execution. The filing also advances the M&A timeline, announcing joint efforts with the Target Group to file a Registration Statement and proxy statement to solicit shareholder approval for the proposed combination.
What changed: Rule 425 written communication (Form 8-K) submitting an executed Common Stock Purchase Agreement that establishes a post-close equity line of credit facility and references the pending business combination with VCI Biofuels Group. The registrant and White Lion Capital LLC agreed to a $300,000,000 equity line (with an option to increase the aggregate commitment to $500,000,000) that is expressly contingent on the closing of the merger with VCI Biofuels Group. The agreement assigns the facility to a newly formed British Virgin Islands subsidiary upon redomestication and includes a binding trust account waiver stating the investor holds no title, interest, or claim to SPAC trust funds. The filing does not modify existing redemption windows, trust account balances, proxy solicitation timelines, or sponsor extension provisions. Why it matters: According to Sections 6.4 and 10.5 of the agreement, the Company covenants that $1,000,000 worth of commitment shares (plus an additional $250,000 upon expansion to the $500,000,000 tier) vest solely upon a successful BCA Closing with VCI Biofuels Group. Chief Executive Officer and Chief Financial Officer Yu-Fang Chiu signed the agreement on behalf of International Media Acquisition Corp. Under Section 10.16, the investor explicitly waives all recourse to the trust account, ensuring public shareholder liquidity remains isolated from drawdowns, buy-in remedies, or default claims. Per Articles II and VII, purchase pricing is capped at 98% of either the closing price prior to notice delivery or the lowest two-business-day VWAP, while rapid draws are priced at 98% of the one-hour post-confirmation low. Each transaction is limited to $5,000,000 and constrained to the lesser of 40% of the five-day average daily trading volume or a price-based denominator. The Company must file a resale registration statement within 30 days following the BCA Closing, initiating a 36-month commitment period (extendable to 60 months at the Company’s discretion following $100,000,000 in gross investment). Beneficial ownership is restricted to 4.99% (extendable to 9.99% with 61 days’ notice). Dispute resolution under Section 10.17 mandates 14-day good-faith negotiations, followed by binding American Arbitration Association proceedings in Delaware, with independent investment banks adjudicating VWAP or volume calculation disagreements at the losing party’s expense up to $10,000. Forward-looking projections regarding revenue growth, market opportunity, and Vietnamese economic conditions are attributed to IMAQ’s and the Target Company’s respective management in the filing’s cautionary statements.
What changed: Form 8-K - Current Report disclosing the entry into a Common Stock Purchase Agreement (Equity Line of Credit). The registrant entered into an Equity Line Agreement with White Lion Capital LLC, granting the right to require the investor to purchase up to $300,000,000 of newly issued common stock, with an option to increase the commitment to $500,000,000. Mechanics dictate purchase limits capped at $5,000,000 per notice subject to 40% of the preceding five-day average daily trading volume, with discounted pricing applied at 98% of closing prices or two-day VWAPs. The commitment period begins upon deal closure and spans 36 months, extendable to 60 months once $100,000,000 has been drawn. The agreement mandates filing a resale registration statement within 30 days following the business combination closing. Why it matters: This filing does not touch the redemption calendar or trust account balances, but it locks in a major post-merger equity facility that will drive future dilution and cash inflows. The company confirmed its redomiciliation strategy to form a British Virgin Islands survival entity for the merger with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company. Critical mechanics include a $1,000,000 commitment fee awarded in stock exclusively upon a successful BCA closing, and a trust account waiver clarifying that the investor has zero recourse against shareholder trust monies. The 30-day registration deadline sets a firm liquidity expectation for public shareholders post-conversion.
What changed: A Form 8-K filed under Rule 425, disclosing a definitive merger agreement entered into on April 3, 2025. On April 3, 2025, IMAQ entered into a Merger Agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company. The transaction structure involves (1) a redomestication merger of IMAQ into a newly formed BVI subsidiary (Purchaser); (2) a share purchase whereby Purchaser will acquire 100% of VCI Holdings for $1 billion in stock (90 million Class A and 10 million Class B ordinary shares, at $10.00/share). IMAQ's trust is approximately $3.4 million. The target group must deliver audited 2023/2024 IFRS financials by May 31, 2025; IMAQ can terminate the agreement if those financials are not delivered by July 31, 2025. The restructuring of the target group must be completed by June 30, 2025. Post-closing earnout shares up to 27 million Class A shares are available based on stock price and revenue milestones. Lock-up provisions for certain shareholders include 185-day and 365-day periods with a potential 15% release upon a $15.00 stock price trigger. The combined company will be renamed VI Energy and list on Nasdaq. A supporting shareholder with voting power has agreed to vote in favor. Why it matters: This filing represents the definitive de-SPAC transaction for IMAQ with a $1 billion enterprise value target in the Vietnamese biofuel industry. Key metrics for redemption: trust value is $3.4 million, not $10.00, and the deadline is September 2, 2026. The target company's financial statements are required by May 31, 2025, with a hard termination right for IMAQ if not delivered by July 31, 2025. The restructuring condition and required approvals add risk. The lock-up terms for target shareholders are defined, and the earnout structure provides upside contingent on post-merger performance.
What changed: 8-K filed April 9, 2025, announcing entry into a definitive Merger Agreement for the business combination of International Media Acquisition Corp. (IMAQ) with VCI Biofuels Group (VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company). The transaction involves a redomestication merger to a BVI entity followed by a share purchase. IMAQ signed a definitive merger agreement on April 3, 2025. The aggregate consideration is $1,000,000,000, paid as 90,000,000 Class A and 10,000,000 Class B ordinary shares of the surviving company, valued at $10.00 per share. IMAQ's trust has approximately $3,400,000 (including deferred underwriting). The target must deliver audited IFRS financials by May 31, 2025. Restructuring of target group must be completed by June 30, 2025. Parent may terminate if IFRS financials not delivered by July 31, 2025. Shareholder meeting and SEC registration statement to follow. Lock-up agreements include 185-day and 365-day periods. Earnout shares up to 27 million additional shares based on VWAP thresholds ($15.00), revenue targets ($500M), or dividend payments. Voting and support agreement with certain shareholders and principal shareholders making representations and warranties. Why it matters: This is IMAQ's first definitive deal after a long search. The target is a Vietnamese biofuel producer with an implied enterprise value of $1 billion, far exceeding the trust size. The transaction provides a path to public listing on Nasdaq. Given the small trust, the deal likely relies on target value and potential PIPE. The earnout structure and lock-ups indicate alignment. However, risks include delivery of audited financials, regulatory approvals, and Vietnamese market conditions. The deadline is September 2, 2026, leaving time but with milestones.
What changed: A Form 8-K Current Report disclosing a trust account extension deposit and the issuance of a $600,000 unsecured promissory note to JC Unify Capital (Holdings) Limited. Per the registrant’s disclosure, the Company deposited $2,000 into the trust account on March 26, 2025, shifting the deadline to consummate an initial business combination from April 2, 2025 to May 2, 2025. Separately, on March 28, 2025, the Company entered into Promissory Note D for up to $600,000. The note requires no interest, demands repayment promptly or by the earlier of business combination consummation/termination, and converts at the lender’s discretion into units priced at a $10.00 divisor (yielding one common share and one-twentieth of a share right per unit). The filing notes proceeds fund extensions, working capital, and various company expenses. Crucially, Section 13 of the note contractually waives the lender’s right to seek recourse against the trust account, shielding public shareholder funds from this debt. Why it matters: This filing actively reprograms the redemption timeline, moving the hard stop for redemptions to May 2, 2025. It introduces a non-dilutive (until conversion) funding source that bypasses the trust entirely, mitigating pressure on the per-share trust value reported at $12.03. Should the lender exercise conversion rights immediately prior to a deal closing, the $600,000 exposure translates into equity and warrant-equivalent rights, altering the post-merger capitalization table. Beyond structural terms, the document contains no forward-looking statements regarding target customers, projected revenue, or market size. It does detail specific personnel execution, with CEO and CFO Yu-Fang Chiu co-signing both the 8-K and the note, consolidating oversight of capital raising and trust preservation. Legally, the instrument enforces New York jurisdiction, mandates immediate acceleration upon bankruptcy or failure to deliver conversion securities within five days, and imposes unconditional liability waivers, highlighting a tightly controlled, lender-friendly debt instrument aimed solely at bridging operations until a merger closes or terminates.
What changed: SEC Form 3 — initial statement of beneficial ownership (routine compliance exhibit). This filing is an insider ownership report submitted on 2025-03-20 that records JC Unify Capital (Holdings) Ltd, identified as a 10% owner, as holding 4,782,675 shares directly. Regarding mechanics, the report does not update the SPAC’s $12.03 trust per share, the 2026-09-02 deadline, or any redemption procedures; it simply logs a static direct holding. Why it matters: Because it is a routine compliance exhibit, it contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. The absence of business-combination updates or sponsor conduct disclosures means the filing carries no mechanical weight for the redemption calendar, trust accounting, or extension voting, though it formally attests to the 10% owner’s direct share count.
What changed: Form 3 — insider ownership report. The self-filed SEC document states that director, CEO, and CFO Chiu Yu-Fang reports holding 0 shares directly in International Media Acquisition Corp. This filing does not alter the stated trust value of $12.03 per share, the 2026-09-02 redemption deadline, the DEAL_ANNOUNCED status, or any existing extension mechanics. Why it matters: Per the regulatory filing, this submission serves as a routine post-offering compliance exhibit establishing baseline insider equity registration. Because the named executive discloses zero direct shares, the document provides no new signal regarding sponsor conduct, alignment incentives, or expected holder redemption behavior. For investors tracking capital preservation, trust accounting, or merger execution velocity, the record contains no operational updates and leaves all prior timelines and valuation assumptions unchanged.
What changed: A Form 8-K current report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, specifically reporting under Item 8.01 (Other Events) and Item 9.01 (Financial Statements and Exhibits). International Media Acquisition Corp. filed this report to correct the record regarding ongoing negotiation discussions. According to the filing, on March 17, 2025, a news report surfaced claiming the company had executed a definitive agreement with a biofuel development company. The registrant clarifies that, as of the March 18, 2025 filing date, no definitive agreement, forward purchase agreements, or PIPE investment has been executed for this Possible Transaction. The company states it is continuing talks with potential targets. The report is signed by Yu-Fang Chiu, who holds the dual titles of Chief Executive Officer and Chief Financial Officer. Why it matters: This 8-K functions as a direct rumor-control and deal-status clarification for shareholders tracking the redemption calendar and trust value. By explicitly confirming the non-existence of a binding definitive agreement or accompanying financing bridges (such as PIPEs or forward purchases), management indicates that the reported biofuel combination remains speculative and unexecuted. This absence of a closed or funded transaction means standard redemption deadlines and trust distribution mechanics remain uninterrupted, while signaling to the market that sponsor diligence is ongoing. Investors weighing the probability of a timely business combination versus a mandatory liquidation should view this disclosure as confirmation that no near-term closing catalyst has been finalized.
What changed: A Joint Filing Agreement executed by and among reporting persons pursuant to Section 13 of the Securities Exchange Act of 1934, attached as Exhibit 10.5 to a Schedule 13D for International Media Acquisition Corp. The exhibit reports no adjustments to the business combination deadline, trust account valuations, redemption windows, extension mechanisms, or sponsor conduct guidelines. It establishes a shared regulatory submission protocol and carries no financial covenants, purchase obligations, or structural modifications that would alter investor exit timing or trust distribution mechanics. Why it matters: It confirms that JC Unify Capital (Holdings) Limited and Director Yu-Fang Chiu have triggered beneficial ownership thresholds requiring Section 13 reporting and opted for a joint filing pathway. The Reporting Persons stipulate that each remains independently liable for the completeness and accuracy of their own submitted data, with no cross-liability unless a signer possesses actual knowledge of another’s inaccuracies. The agreement stays enforceable until any party unilaterally terminates it via written notice after the March 18, 2025 execution date. Because the document contains zero provisions addressing redemption pricing, extension votes, financing conditions, or sponsor indemnification, it does not shift capital structure dynamics or investor liquidity parameters. It functions purely as a compliance coordination instrument reflecting coordinated insider positioning.
What changed: A Form 8-K current report acting as a routine compliance exhibit documenting amendments to sponsor promissory notes, lock-up agreements, a buyer escrow joinder, executive resignations and appointments, and a trust account deposit. Per the registrant's Item 8.01 disclosure, on March 12, 2025, the company deposited $2,000 into the trust account, officially extending the business combination window from March 2, 2025, to April 2, 2025. The filing states that Content Creation Media LLC amended four prior promissory notes to settle all outstanding amounts solely via 206,656 shares of common stock (specifically 75,000, 89,500, 30,000, and 12,156 shares), which carries a 12-month lock-up. Regarding deal progress and sponsor conduct, the buyer JC Unify Capital (Holdings) Limited executed a joinder to the July 28, 2021 Stock Escrow Agreement, while indemnity agreements for Shibasish Sarkar and Vishwas Joshi were terminated per a closing condition attached to the November 10, 2023 SPA, which involved the sponsor selling 4,125,000 shares and 657,675 units for an aggregate purchase price of $1.00. Concerning personnel, Item 5.02 reports Sarkar’s immediate departure as CEO, Chairman, Class I director, and principal accounting officer, and the Board’s appointment of Yu-Fang Chiu as CEO, CFO, and Chairman through the 2028 annual meeting. Why it matters: The $2,000 extension payment and shifted deadline to April 2, 2025, directly reset the redemption and liquidation calendar for investors. Converting approximately $2.1 million of debt into 206,656 equity positions caps future cash payouts but structurally dilutes ownership, with the lock-up clause mitigating immediate sell-side pressure. The registrant's filing attributes the leadership transition to Yu-Fang Chiu, who discloses a career history spanning Joint Consulting CO., LTD since 2022, Insun Enterprise Co. since 2020, Prudential Life Insurance Company of Taiwan Inc. (2007–2016), Dotcom Technology Co., LTD (2003–2007), and Deloitte Touche Tohmatsu Limited (1996–2002), signaling a strategic operational handoff aligned with the buyer’s SPA terms. Clearing the D&O indemnities for departing officers eliminates legacy recourse claims against the trust or operating balance sheet ahead of the announced transaction.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.