Shibashish Sarkar's SPAC sets $10 as the price of $200 Mn IPO

The IPO, listed on Nasdaq Capital Market, opened on July 29

e4m by exchange4media Staff
Updated: Aug 3, 2021 3:26 PM
share market

Reliance Entertainment CEO Shibashis Sarkar’s SPAC, which has opened a $200 Mn initial public offering (IPO), has fixed the unit price at $10, according to media reports.

The IPO, which listed on Nasdaq Capital Market on 29th July, will be offering 200 million units. The units will reportedly trade under the ticker symbol "IMAQU". Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share.

International Media Acquisition Corp (IMAC), the special purpose acquisition company (SPAC) was founded to explore acquisition opportunities in the media and entertainment space in India, North America, Europe and parts of Asia, said media reports.

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