Mars Acquisition in an 8-K said it obtained $250,000 from its sponsor for working capital needs. The SPAC in return will issue 250,000 shares to the sponsor.
Mars Acquisition has a Sept. 30 deadline to complete its $110 million deal with ScanTech Identification Beam Systems. 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.
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. Read more.
