Mars Acquisition in a proxy filing seeks shareholder approval for a deadline extension from Feb. 16 to Nov. 16, allowing more time for the SPAC to finalize its deal with ScanTech. A meeting is set for Jan. 30 to vote on the proposal, which does not include additional contributions to the trust if the measure is approved.
Atlanta-based ScanTech Indentification Beam Systems 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.
