Mars Acquisition in an 8-K said shareholders approved a nine-month extension to Nov. 16.
Redemptions of 4,818,568 shares at approximately $10.68 per share removed just under $51.5 million from the trust. The SPAC raised $60 million in an IPO a year ago to focus on companies engaged in AI and any other related technology innovations market operating businesses. Its market cap had reached nearly $99 million.
Mars has a merger deal with Atlanta-based ScanTech Indentification Beam Systems, which 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 registration statement was declared effective by the SEC in November.
Mars and its sponsor ahead of the vote entered into non-redemption agreements covering 1.55 million shares. In return, the non-redeeming participants would receive 310,000 shares of ScanTech AI Systems at the closing of the merger. This was in addition to an NRA covering 200,000 shares. Read more.
