International Media Acquisition, or IMAQ, is a special purpose acquisition company (SPAC) formed as a blank check entity with no initial operations. The company's sole business objective is to acquire or merge with a private operating business to facilitate its transition to a public listing. IMAQ is currently working to close a merger with VCI Holdings and Vietnam Biofuels Development, a Vietnamese biofuels producer, along with Ethanol Quang Nam. Under the proposed agreement, IMAQ will redomicile to the British Virgin Islands and operate as Valix. To fund this transaction and provide post-close capital, IMAQ has arranged an equity line of credit with White Lion Capital. This funding is intended to offset the impact of significant shareholder redemptions that have depleted the company's original trust account over several years of deadline extensions. The company's current sponsor, JC Unify Capital, provides operational funding through promissory notes. If IMAQ does not complete a business combination by its July 2026 deadline, it must liquidate and return its remaining capital to shareholders. The business model relies on the sponsor’s ability to finalize a deal, as founder shares only realize value upon a successful merger, while failure results in the loss of the sponsor's investment and the expiration of warrants.