Status:                   Upcoming/New Filing

Acquirer:               Mars Acquisition Corp. (Cayman Islands)

Acquired:              ScanTech Identification Beam Systems, LLC (U.S.)

Value:                   $149.5 million

Industry Tags:       Logistics; Security Solutions

ScanTech Identification Beam Systems, LLC (‘ScanTech’), an innovator of next-generation ‘fixed-gantry’ computed tomography (CT) screening systems based in Metro-Atlanta, Georgia, and Mars Acquisition Corp. (Nasdaq: MARX) (‘Mars’), a publicly traded special purpose acquisition company, announced that they have entered into a definitive business combination agreement . . . that will result in ScanTech becoming a publicly listed company . . .” (Press Release, Mars Acquisition Corp. Form 8-K, Ex-99.1, SEC Filing, Sept. 5, 2023.) “ScanTech Identification Beam Systems, LLC, . . . [develops] non-intrusive ‘fixed-gantry’ CT [computed tomography] baggage and cargo logistics screening technologies . . . . ScanTech utilizes proprietary artificial intelligence (AI) and machine learning capabilities to develop state-of-the-art CT scanners that accurately and quickly detect hazardous and contraband materials.”  (Id.) “Mars Acquisition Corp. is a Cayman Islands exempted company incorporated as a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC . . .”  CFIUS Approval is a condition of closing.  (See Business Combination Agreement, Section 7.1(c), Mars Acquisition Corp. Form 8-K, Ex-2.1, Art. 7.1, SEC Filing, Sept. 8, 2023.)

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