Company Summary: International Media Acquisition Corp.

Overview

• Type: Blank check company (special purpose acquisition company - SPAC)
• Incorporation: Delaware, USA
• Founded: January 15, 2021
• Headquarters: 1221 Brickell Avenue, Miami, Florida, 33131
• Phone: 786-432-7588
• Purpose: To enter into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business transaction with one or more target businesses.

Business Operations

• Operational Status: No active operations or business activities conducted by the company itself.
• Current Employees: 1 officer (Yu-Fang Chiu), no other employees.
• Assets and Revenue:
  • As of fiscal year ended March 31, 2025, the company has no revenue or profit.
  • Cash on hand: $241,548 outside the trust account.
  • Working Capital Deficit: $6,796,725.
  • Assets: Funds held in trust are approximately $230 million (deposited into a trust account invested in U.S. government securities as of the last reporting period).

Capital and Financials

• Issued Shares: 6,836,594 shares of common stock issued and outstanding as of July 15, 2025.
• Market Capitalization: As of September 30, 2024, the estimated market value of common stock held by non-affiliates was approximately $10.47 million.
• Revenue: No revenue generated.
• Income: No reported income; the company is in the process of identifying a business combination target.

Target Acquisition and Business Strategy

• Target Industry/Region: Potentially includes foreign jurisdictions (notably China), with a particular focus on companies in media, entertainment, or related sectors, but no specific operational targets currently.
• Current Focus: Anticipates completing a business combination with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company (the “VCI Target Group”), which involves a merger and acquisition of 100% of the U.S. listed company with the Vietnam-based VCI Target Company.
• Planned Business Activities: Search for, evaluate, and potentially acquire or merge with a target company to establish a publicly traded entity.

Financial Transactions & Agreements

• Funding:
  • Initial public offering (IPO): $200 million gross proceeds from sale of 20 million units at $10 per unit.
  • Private placement: 714,400 units sold at inception for gross proceeds of $7.14 million.
  • Over-allotment: +3 million units sold for $30 million.
• Use of Funds: Primarily held in trust, with some funds used for extensions, redemptions, and operational expenses.
• Business Focus: No revenue or profits; extensive financial agreements including promissory notes and funding commitments to finance future acquisitions.

Key Events

• Several modifications to deadlines for completing a business combination, extending from August 2, 2022, up to January 2, 2027.
• Major announced transaction: Merger agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company to form a new publicly traded company following the merger.

No Direct Operations

• The company has not conducted any operations, generated revenue, or incurred income as of the latest reporting.
• The company’s activity is limited to identifying and completing a business combination and managing accrued funds, redemptions, extensions, and financial arrangements related to its SPAC structure.

Summary: International Media Acquisition Corp. is a Delaware-incorporated blank check company with no current operations, employees, revenue, or income. It holds approximately $230 million in trust from its IPO and private placements. Its primary purpose is to identify and complete a business combination, with pending plans to merge with Vietnam-based VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company to form a new U.S. publicly traded company. The company is extensively involved in financial arrangements, redemptions, and legal compliance related to its pursuit of a target business.