Mars Acquisition Corp. amends merger terms with ScanTech, secures $1.34M in new funding

Mars Acquisition Corp.

Merger consideration set at $110M minus closing net debt exceeding $20M.
Each non-redeemed ordinary share converts to two Pubco common shares; insiders receive 5,021,400 Pubco shares.
Polar Multi-Strategy Master Fund commits up to $1M working capital via subscription for Pubco shares.
Sponsor affiliate promissory note of $337,500, non-interest bearing, converts to shares at closing.
Note waived if no business combination consummated.

item 1.01 item 2.03 item 8.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Mars Acquisition Corp. amended Amendment No. 2 to the Business Combination Agreement with ScanTech AI Systems Inc., Mars Merger Sub I Corp., Mars Merger Sub II LLC, ScanTech Identification Beam Systems, LLC, Dolan Falconer valued at $110,000,000 (effective 2024-04-02).

Action: amendment
Agreement: merger
Counterparty: ScanTech AI Systems Inc., Mars Merger Sub I Corp., Mars Merger Sub II LLC, ScanTech Identification Beam Systems, LLC, Dolan Falconer
Value: $110,000,000
Effective: 2024-04-02

Exact text from the filing

On April 2, 2024, an Amendment No. 2 to the Business Combination Agreement was entered to reflect that the merger consideration shall be adjusted to One Hundred Ten Million U.S. Dollars ($110,000,000)

View on SEC.gov

419 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001104659-24-044326

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.