Mars Acquisition in an 8-K said it has extended the outside date for closing its merger with ScanTech Identification Beam Systems to Sept. 30. The deadline had been May 15.
The SPAC earlier this month said it adjusted the consideration on the deal 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.
