Mars Acquisition in an 8-K said adjusted the merger consideration on its deal with ScanTech Identification Beam Systems to $110 million, down from the $197.5 million equity value at announcement last September.
Additionally, Mars has secured a $1 million funding arrangement with Polar Multi-Strategy Master Fund for ScanTech’s working capital expenses, offering stock in exchange for the capital infusion. In another strategic move, Mars has also taken a non-interest bearing loan of $337,500 from an affiliate sponsor that will convert into Mars’ ordinary shares post-business combination,
The Atlanta-based target designs next-generation ‘fixed-gantry’ computed tomography screening systems. ScanTech utilizes proprietary artificial intelligence (AI) and machine learning capabilities to develop state-of-the-art CT (computed tomography) scanners that accurately and quickly detect hazardous and contraband materials in baggage and cargo. Read more.
