SPAC-Tied ScanTech Contracts with Visiontec Systems for Multimillion-Dollar Security Systems

ScanTech Identification Beam Systems, which develops next-generation “fixed-gantry” computed tomography screening systems signed a contract with Visiontec Systems to provide ScanTech’s CT screening systems to the North American power producer. Terms of the multimillion-dollar contract call for Visiontec to deliver, integrate, install, train and provide long term technical support for ScanTech’s SENTINEL CT Checkpoint Baggage Scanning System to provide security screening for large-scale critical nuclear power infrastructure in Canada.

ScanTech and Mars Acquisition announced a merger agreement 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.

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What the SEC Is Not Saying About SPACs: Report

The SEC is making decisions and issuing guidance about SPACs that may be based on misconceptions, Bloomberg Law reports, citing Daniele D’Alvia, CEO of SPACs Consultancy in London, and Milos Vulanovic, associate professor at EDHEC Business School in France. They question why the SEC is not issuing new improvements for traditional IPOs.