Mars Acquisition priced its initial public offering of 6 million units at $10 each. A unit consists of one share and one right. Each right entitles the holder to receive two-tenths of a share if and when the SPAc completes a business combination.
The units began trading today on the Nasdaq under the ticker symbol MARXU. Once the securities begin separate trading, shares and rights will be traded under the symbols MARX and MARXR.
Maxim Group is sole book-running manager for the offering.
The SPAC 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 disclosed in May 2022 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. Read more.
