Mars Acquisition priced its initial public offering of 6 million units at $10 each. A unit consists of one share and one right. Each right entitles the holder to receive two-tenths of a share if and when the SPAc completes a business combination.
Maxim Group is sole book-running manager for the offering.
The SPAC plans to focus on companies engaged in AI and any other related technology innovations market operating businesses. This represents a shift from the SPAC's initial plans disclosed in May 2022 to target broader opportunities in crypto-currency and block-chain, automobiles, healthcare, financial technology, cyber security, cleantech, software, Internet and artificial intelligence, specialty manufacturing and any other related technology innovations market, according to the original filing.
Mars said it will not do a deal with any company headquartered in China, Hong Kong or Macau.
Source: Mars Acquisition Prices M IPO