International Media Acquisition Corp. Announces Additional Payments to be Contributed to Trust in Connection with Extension Proposal and Postponement of Special Meeting of Shareholders Until January 27, 2023

MUMBAI, India, and NEW YORK, Jan. 26, 2023 /PRNewswire/ --  International Media Acquisition Corp. ("IMAC" or the "Company") (NASDAQ:IMAQ), a special purpose acquisition corporation, today announced that in order to support its proposal to extend the date by which the Company must consummate a business combination (the "Extension") for an additional three (3) months, from February 2, 2023 to May 2, 2023, with an ability to further extend by three (3) additional one (1) month periods until August 2, 2023 (the "Extension Proposal") , the Company, and Content Creation Media LLC, the Company's Sponsor, have agreed that, if the Extension Proposal is approved, the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account $385,541.10 for the three-month extension and $128,513.70 for each subsequent one-month extension (the "Extension Payment") in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.