New York, Aug 3 (IANS): International Media Acquisition Corp (IMAC) has announced the closing of its initial public offering of 20 million units.

The units were sold at a price of $10 per unit, resulting in total gross proceeds of $200 million, prior to deducting underwriting discounts, commissions, and other offering expenses.

Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of a share of common stock at a price of $11.50 per whole share.

The units began trading on The Nasdaq Capital Market (Nasdaq) under the ticker symbol "IMAQU" on July 29, 2021. Once the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on Nasdaq under the symbols "IMAQ," "IMAQR" and "IMAQW," respectively.

The underwriters have been granted a 45-day option to purchase up to an additional 3 million units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the US Securities and Exchange Commission (SEC) on July 28, 2021.