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BUFORD, Georgia and NEW YORK — ScanTech Identification Beam Systems, LLC (ScanTech), an innovator of next-generation ‘fixed-gantry’ computed tomography (CT) screening systems and 2007 ATDC Graduate company, and Mars Acquisition Corp., a publicly traded special purpose acquisition company, entered into a definitive business combination agreement resulting in ScanTech becoming a publicly listed company.
Buford-based ScanTech and Mars, based in New York, will merge with newly-formed subsidiaries of ScanTech AI Systems Inc. ScanTech AI Systems is a newly-formed Delaware holding company and serves as parent to the ScanTech and Mars subsidiaries. ScanTech AI Systems is listed on the Nasdaq under the ticker symbol STAI.
“We are excited about this business combination, as it not only testifies to our achievements, but, more importantly, the future growth potential of our industry-leading, ‘fixed-gantry’ CT scanning technology,” said ScanTech CEO, Dolan Falconer, who earned his bachelor’s and master’s degrees in nuclear engineering from Georgia Tech. “We believe that this step will provide us with the opportunity to accelerate our innovation and market reach. We are delighted to take the next step in our growth trajectory as a public company.”
ScanTech believes it has developed one of the world’s most advanced non-intrusive ‘fixed-gantry’ CT baggage and cargo logistics screening technologies. ScanTech utilizes proprietary artificial intelligence (AI) and machine learning capabilities to develop state-of-the-art fixed-gantry CT scanners that accurately and quickly detect hazardous and contraband materials.
Karl Brenza, CEO of Mars, commented: “This merger with ScanTech represents an opportunity to bring a leading-edge security scanning technology company to the public market. We are confident that this partnership will enhance ScanTech’s capabilities and position it for sustainable growth.”
The combined company is expected to have an estimated post-transaction enterprise value of 149.5 million, consisting of an estimated equity value of 197.5 million and 48 million in net cash, assuming no redemptions by Mars’ public shareholders. Net cash will come from Mars’ approximately 72 million of cash in trust (assuming no shareholder redemptions).
Upon the closing of the transaction, and assuming none of Mars’ public shareholders elect to redeem their ordinary shares and that no additional shares are issued upon the closing of the transaction, it is anticipated that:
