Mars Acquisition in an 8-K said it plans to discuss s non-redemption agreements with certain existing shareholders ahead of a meeting to vote on a deadline extension.
Mars wants to push its completion deadline from Feb. 16 to Nov. 16, allowing more time to finalize its deal with ScanTech. A meeting is set for Jan. 30 to vote on the proposal, which does not include additional contributions to the trust if the measure is approved.
As of today, Mars and the sponsor have entered into NRAs with several unaffiliated third parties who will not redeem 200,000 ordinary shares. In return, the sponsor has agreed to issue 40,000 shares to the participants.
Atlanta-based ScanTech Indentification Beam Systems 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. Read more.
Source: Mars Acquisition to Pursue Additional NRAs as Extension Vote Approaches