Mars Acquisition (Nasdaq: MARX) today announced the confidential submission with the SEC of a registration statement on Form S-4 outlining its proposed combination with ScanTech Identification Beam Systems. The Atlanta-based target develops next-generation ‘fixed-gantry’ computed tomography (CT) screening systems to detect hazardous materials and contraband in baggage and cargo.
The deal was announced in September at a pro forma enterprise value of $149.5 million.
The combined company is expected to have an estimated equity value of $197.5 million and $48 million in net cash, assuming no redemptions by Mars’ shareholders. Net cash will come from Mars’ approximately $72 million of cash in trust. Read more.
