Mars Acquisition in an amended S-1 said it now plans to offer 6 million units at $10 each, down from the 7.5 million units initially registered with the SEC in May.
A unit now cosists of a share and a right to receive two-tenths of a share. As originally registered, each unit was to consist of one share, one-half of a warrant and one right for a tenth of a share.
The SPAC now plans to focus on companies engaged in AI and any other related technology innovations market operating businesses. This represents a shift from the SPAC’s initial plans to target broader opportunities in crypto-currency and block-chain, automobiles, healthcare, financial technology, cyber security, cleantech, software, Internet and artificial intelligence, specialty manufacturing and any other related technology innovations market, according to the original filing.
Mars said it will not do a deal with any company headquartered in China, Hong Kong or Macau.
CEO, CFO and Director Karl Brenza completed some of the earliest blank-check/SPAC transactions, the filing states. During his career, Brenza has completed over 200 transactions in the areas of strategic advisory assignments, mergers, acquisitions, reverse merger transactions, IPOs, follow-on offerings, SPACs, PIPEs, fairness opinions and private financings. He is currently CFO of First Breach, a manufacturer of ammunition components. Brenza is also CFO of Omni eCom Acquisition.
Maxim is serving as sole book-running manager.
Mars Acquisition has applied to list on the Nasdaq under the symbol MARXU.
