# International Media Acquisition Corp.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/International Media Acquisition Corp.).

## Overview

International Media Acquisition Corp. is a U.S.-listed blank check company formed to complete a merger, share exchange, asset acquisition, or similar business combination. It has no operating business of its own and is currently focused on identifying and closing a target transaction, including a proposed combination with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company.

## Products & services

• Special purpose acquisition company (SPAC) structure
• Business combination / merger execution
• Public listing and capital-raising vehicle
• Redomestication and cross-border transaction platform

- **SPAC formation and listing vehicle** (100%) — A public shell company that raised capital through an IPO and holds funds in trust while searching for a target.
- **Business combination execution** (0%) — Transaction structuring and closing services tied to a merger, share purchase, or similar acquisition.

- Special purpose acquisition company (SPAC) structure
- Business combination / merger execution
- Public listing and capital-raising vehicle
- Redomestication and cross-border transaction platform

## Customers

IMAQ does not sell products or services to end customers in the traditional sense; its counterparties are target companies, sponsors, investors, and transaction counterparties. The company’s economic purpose is to find a private business to combine with and then operate as a public company after closing. Its current proposed target group is in Vietnam and the British Virgin Islands, with the company also noting it may pursue targets in other foreign jurisdictions, including China.

- **Target businesses** (primary) — Private operating companies that want access to U.S. public markets through a merger or share purchase.
- **Public investors** (primary) — IPO shareholders and other investors providing capital while the company searches for a deal.
- **Transaction counterparties** (secondary) — Sponsors, selling shareholders, and financing partners involved in closing the business combination.
- **Foreign operating groups** (secondary) — Businesses in jurisdictions such as Vietnam or potentially China that may seek a U.S. listing structure.

- Target companies seeking a U.S.-listed public vehicle
- Selling shareholders in merger or share purchase transactions
- Public shareholders and PIPE/financing investors
- Sponsors and transaction counterparties supporting the deal
- Foreign businesses seeking cross-border listing access

## Geography

IMAQ is incorporated in Delaware and operates from Miami, Florida, but its business is inherently cross-border because its purpose is to acquire a foreign or domestic target and take it public in the United States. The current announced transaction involves a British Virgin Islands target company and a Vietnamese operating company, which increases exposure to foreign legal, regulatory, and disclosure regimes. Management also explicitly discusses the possibility of pursuing targets in China, highlighting potential PRC regulatory and cybersecurity review risk.

- Headquartered in Miami, Florida with Delaware incorporation
- Current announced target group spans BVI and Vietnam
- Potential future targets may include China-based businesses
- U.S. public listing is the intended post-closing venue
- Cross-border structure drives regulatory and disclosure complexity

## Strategy

IMAQ’s strategy is to complete its initial business combination before the deadline, using trust-account extensions and transaction structuring to preserve optionality. The company is prioritizing a cross-border deal with the VCI target group, while retaining the ability to pursue other foreign targets if needed. Because it has no operating revenue, execution risk is concentrated in deal sourcing, diligence, regulatory approvals, and closing.

- **Complete the VCI business combination** (short-term) — The company has no operating business, so closing a transaction is the only path to create operating value.
- **Extend the SPAC deadline and preserve cash runway** (short-term) — Monthly trust deposits buy time to finish diligence, approvals, and financing without immediate liquidation.
- **Retain flexibility for alternative foreign targets** (medium-term) — If the current deal fails, the company needs another viable target to avoid dissolution.

- Close the initial business combination before the termination date
- Use extensions and trust deposits to preserve transaction runway
- Complete the announced VCI/VNB cross-border merger
- Maintain flexibility to pursue alternative foreign targets
- Navigate regulatory approvals and listing requirements

## Risks

IMAQ’s main risk is execution: if it cannot close a business combination by the deadline, it must dissolve and liquidate. The company also faces heightened cross-border regulatory risk because its target is foreign and management has highlighted possible China exposure, including PRC antitrust, cybersecurity, foreign investment, and information-access concerns.

- **Business combination not completed by deadline** [critical] — The company has no operating business and must liquidate if it misses the closing window.
- **Foreign regulatory and information-access risk** [high] — A target in Vietnam, BVI, or China may be subject to laws that limit U.S. investor protections and due diligence access.
- **PRC regulatory and cybersecurity review risk** [high] — Management disclosed that a China-based target could face antitrust, VIE, and cybersecurity approval issues.
- **Competition for acquisition targets** [medium] — Many SPACs and acquisition vehicles compete for the same targets, often with greater resources.

- Failure to close a deal could force liquidation
- Foreign target structures increase legal and disclosure risk
- China exposure could trigger PRC antitrust or cybersecurity review
- No operating revenue means value depends on transaction success
- Competition for targets is intense among better-capitalized SPACs

## Accounting

IMAQ’s accounting is dominated by SPAC-specific items rather than operating revenue, including trust-account interest income, warrant liability remeasurement, and redeemable share accounting. Because it has no operating business, reported earnings can swing materially from fair value changes and transaction-related costs rather than underlying operations. Investors should also watch deferred legal fees, founder share compensation, and any closing-contingent equity issuance tied to the merger.

- **Warrant liability valuation** — Can materially affect reported net loss or income.
- **Redeemable common stock measurement** — Impacts shareholders' equity and redemption-related liabilities.
- **Founder share compensation** — Can create a one-time expense at closing.
- **Deferred transaction and legal costs** — Affects operating costs and accumulated deficit.

- Trust-account interest income offsets public company costs
- Warrant liability fair value changes can move net income
- Redeemable shares are measured at redemption value
- Founder shares create compensation expense at closing
- Deferred legal fees and transaction costs affect reported loss

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*Last updated: 2026-04-28T20:17:53.185425+00:00*