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SPAC · Merger completed

Mars Acquisition Corp.

Business combination with ScanTech Identification Beam Systems, LLC

Mars Acquisition Corp. is a blank-check company (SPAC) that raised $60M in its initial public offering on Feb 14, 2023, listing on Nasdaq Global Market. It completed its business combination with ScanTech Identification Beam Systems, LLC on Jan 8, 2025; the combined company is ScanTech AI Systems Inc. (STAI). Spartan Capital led the IPO, with Futu. VCL Law advised the SPAC and Harter Secrest & Emery advised the underwriters on the IPO.

ScanTech Identification Beam Systems makes fixed-gantry CT scanners that automatically locate, discriminate and identify threat materials at checkpoints. Its customers include airports, seaports, borders, embassies, corporate headquarters, government and commercial buildings, factories and processing plants.

Status
Merger completed
IPO date
Feb 14, 2023
IPO size
$60M
IPO exchange
Nasdaq Global Market
Target
ScanTech Identification Beam Systems, LLC
Announced
Apr 18, 2024
Closed
Jan 8, 2025
Combined company
ScanTech AI Systems Inc. (STAI)
IPO underwriters
Spartan Capital and Futu
SPAC counsel (IPO)
VCL Law and Ogier
Underwriters' counsel (IPO)
Harter Secrest & Emery

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