International Media Acquisition Corp. announced a private placement for issuance of an unsecured promissory note in the aggregate principal amount of up to $1,300,000 on January 31, 2024. The transaction included participation from new investor JC Unify Capital (Holdings) Limited.

The note is convertible into units at the price of $10 per unit. The note does not bear interest. The company shall also issue 100,000 new units at the closing of the business combination, and 847,675 shares to the investor as additional consideration.