Imax Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Unregistered Sales of Equity Securities, Other Events

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

November 3, 2025

Date of report (Date of earliest event reported):

IMAX Corporation

(Exact Name of Registrant as Specified in Its Charter)

(Address of principal executive offices, zip code, telephone numbers)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indenture and Notes

On November 3, 2025, IMAX Corporation, a corporation amalgamated under the laws of Canada (the “Company”), agreed to sell to the several initial purchasers (the “Initial Purchasers”) for whom J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as representatives (the “Representatives”), and the Initial Purchasers agreed to purchase from the Company, $220 million aggregate principal amount of the Company’s 0.750% Convertible Senior Notes due 2030 (the “base notes”), pursuant to a purchase agreement (the “Purchase Agreement”) among the Company and the Representatives. The Company also granted the Initial Purchasers an option to purchase from the Company up to an additional $30 million aggregate principal amount of the Company’s 0.750% Convertible Senior Notes due 2030 (the “additional notes” and, together with the base notes, the “notes”) pursuant to the Purchase Agreement for a period of 13 days from, and including, the date the base notes were issued. The issuance of the notes was consummated on November 6, 2025 (the “Closing Date”). The notes issued on the Closing Date include $30 million principal amount of the additional notes issued pursuant to the full exercise by the Initial Purchasers of their option to purchase additional notes.

The net proceeds from the offering of the notes will be approximately $241.1 million, after deducting the Initial Purchasers’ discounts and commissions and the Company’s estimated offering expenses. The Company intends to use the net proceeds from the offering of the notes, together with cash on hand and borrowings under its revolving credit facility (the “Credit Facility”), to fund the cost of entering into the capped call transactions described below and to consummate the 2026 Notes Repurchases (as defined below).

In connection with the offering of the notes, the Company entered into privately negotiated transactions (the “2026 Notes Repurchases”) with holders of its $230.0 million principal amount of 0.500% Convertible Senior Notes due 2026 (the “2026 notes”), effected through one of the Initial Purchasers or its affiliate, as its agent, to repurchase for cash $229.7 million aggregate principal amount of the 2026 notes, including accrued and unpaid interest on such 2026 notes, for a total repurchase price of $276.0 million. This Current Report on Form 8-K is not an offer to repurchase the 2026 notes.

The notes were issued pursuant to, and are governed by, an indenture, dated as of the Closing Date (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The notes bear interest at a rate of 0.750% per annum on the principal amount thereof, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026, to the holders of record of the notes as of the close of business on the immediately preceding May 1 and November 1, respectively. The notes will mature on November 15, 2030, unless earlier redeemed or repurchased by the Company or converted.

The notes are the senior unsecured obligations of the Company and are equal in right of payment with the Company’s senior unsecured indebtedness, senior in right of payment to the Company’s indebtedness that is expressly subordinated to the notes, effectively subordinated to the Company’s senior secured indebtedness, to the extent of the value of the collateral securing that indebtedness, and structurally subordinated to all indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

Holders may convert their notes at their option in the following circumstances:

The initial conversion rate for the notes will be 23.5743 common shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $42.42 per common share, and is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. Upon conversion, the Company will pay or deliver, as applicable, cash or a combination of cash and common shares. Upon the occurrence of a “make-whole fundamental change” (as defined in the Indenture), the Company will in certain circumstances increase the conversion rate for a specified period of time.

In addition, upon the occurrence of a “fundamental change” (as defined in the Indenture), holders of the notes may require the Company to repurchase their notes at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any.

The notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after November 20, 2028 and on or before the 31st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per common share exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice, and (ii) the trading day immediately before the date we send such notice. In addition, calling any note for redemption will constitute a “make-whole fundamental change” with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if such note is converted after it is called for redemption. No sinking fund is provided for the notes.

The events of default, as set forth in the Indenture, include (i) default by the Company in the payment when due (whether at maturity, upon redemption or upon repurchase upon fundamental change or otherwise) of the principal of, or the redemption price or fundamental change repurchase price for, any notes, (ii) default by the Company for 30 consecutive days in the payment when due of interest on any note, (iii) failure by the Company to deliver, when required by the Indenture, (x) a fundamental change notice, (y) a notice of a make-whole fundamental change or (z) a notice of certain corporate events as provided in the Indenture, if such failure is not cured within five business days after its occurrence, (iv) default by the Company in its obligations to convert a note in accordance with the Indenture upon the exercise of the conversion right with respect thereto, if such default is not cured within five business days after its occurrence, (v) default by the Company in its obligations under the Indenture in respect of certain amalgamation, consolidation, merger and asset sale transactions, (vi) default by the Company in its other obligations or agreements under the Indenture or the notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture, (vii) certain defaults by the Company or any of its “significant subsidiaries” (as defined in the Indenture) with respect to indebtedness for borrowed money of at least $50.0 million and (viii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries.

If an event of default involving certain events of bankruptcy, insolvency or reorganization with respect to the Company occurs, then the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding will immediately become due and payable without any action or notice by any person. If any other event of default occurs and is continuing, either the Trustee, by notice to the Company, or the holders of at least 25% of the aggregate principal amount of the notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding to become due and payable immediately. Notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right of the holders of the notes to receive special interest on the notes for up to 180 days.

In certain circumstances if, at any time during the six-month period beginning on, and including, the date that is six months after the last date of original issuance of the notes, the Company fails to timely file certain documents or reports required to be filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or the notes are not otherwise freely tradable by holders of the notes other than the Company’s affiliates, additional interest will accrue on the notes during the period in which the Company’s failure to file has occurred and is continuing or such notes are not otherwise freely tradable by holders other than the Company’s affiliates.

In addition, if, and for so long as, the restrictive legend on the notes has not been removed in accordance with the terms of the Indenture and the notes, the notes are assigned a restricted CUSIP number or the notes are not otherwise freely tradable by holders other than the Company’s affiliates (without restrictions pursuant to U.S. securities laws or the terms of the Indenture or the notes) as of the 15th day after the one-year anniversary of the last date of original issuance of the notes, the Company will pay additional interest on the notes during the period in which the notes remain so restricted.

The notes were offered and sold in a private placement conducted pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The offer and sale of the notes and any common shares issuable upon conversion thereof have not been and will not be registered under the Securities Act or any other securities laws, or qualified by way of a prospectus in any province or territory of Canada, and the notes and any such common shares may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and any applicable securities laws, and may not be offered or sold to persons located or resident in Canada except pursuant to an exemption from the prospectus requirements of applicable Canadian securities laws.

A copy of the Indenture and form of 0.750% Convertible Senior Note due 2030 are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein. The foregoing description of the Indenture and notes does not purport to be complete and is qualified in its entirety by reference to such exhibits.

Capped Call Transactions

In connection with the pricing of the base notes on November 3, 2025, the Company entered into privately negotiated capped call transactions (together, the “Base Capped Call Transactions”) with each of Barclays Bank PLC, Nomura Global Financial Products Inc., Truist Bank and Wells Fargo Bank, National Association (together, the “Option Counterparties”). In connection with the Initial Purchasers’ exercise of their option to purchase additional notes, the Company entered into additional capped call transactions with the Option Counterparties (together, the “Additional Capped Call Transactions” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”). The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the aggregate number of common shares that initially underlie the notes, and are expected generally to reduce potential dilution to the common shares upon any conversion of notes and/or offset

any potential cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially $57.1025, which represents a premium of 75% over the last reported sale price of the common shares on November 3, 2025. The cost of the Capped Call Transactions was approximately $21.9 million.

The Capped Call Transactions are separate transactions, in each case entered into between the Company and the respective Option Counterparty, and are not part of the terms of the notes and will not affect any holder’s rights under the notes. Holders of the notes will not have any rights with respect to the Capped Call Transactions.

The form of the call option confirmations with respect to the Base Capped Call Transaction and the Additional Capped Call Transaction with each of the Option Counterparties is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Capped Call Transactions does not purport to be complete and is qualified in its entirety by reference to such exhibits.

The disclosure set forth under the heading “Indenture and Notes” in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

The disclosure set forth in Item 1.01 of this Current Report is incorporated by reference into this Item 3.02.

The notes were issued to the Initial Purchasers in reliance upon Section 4(a)(2) of the Securities Act in transactions not involving any public offering. The notes were resold by the Initial Purchasers to persons whom the Initial Purchasers reasonably believe are “qualified institutional buyers” in accordance with Rule 144A under the Securities Act. Any common shares that may be issued upon conversion of the notes will be issued in reliance upon Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders. Initially, a maximum of 7,661,650 common shares may be issued upon conversion of the Notes, based on the initial maximum conversion rate of 30.6466 common shares per $1,000 principal amount of notes, which is subject to customary anti-dilution adjustment provisions.

The Capped Call Transactions were entered into by the Company with the Option Counterparties in reliance upon Section 4(a)(2) of the Securities Act in transactions not involving any public offering. The Company relied on this exemption from registration based in part on representations made by the Option Counterparties.

This report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On November 3, 2025 the Company issued a press release announcing its intention to offer, subject to market conditions and other factors, the notes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On November 4, 2025, the Company issued a press release announcing the pricing of the notes. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

On November 6, 2025, the Company issued a press release announcing the closing of the offering of the notes. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

The information in this Item 8.01 of this current report on Form 8-K, including the Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

(d) Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.