debt
confidence high
sentiment neutral
materiality 0.50
IMAQ amends promissory notes to allow conversion into common stock units before business combination
International Media Acquisition Corp.
- JC Unify Capital can convert prior notes into units of one common share plus one right to receive 1/20 share.
- Conversion price is $10.00 per unit; no fractional units will be issued.
- Conversion occurs immediately prior to closing of a business combination.
- Failure to issue conversion securities upon election is now an event of default.
- Amendments apply to three notes dated Jan 31, 2024 and Feb 27, 2024.