Mars Acquisition Corp. (MARX) has provided an update.
Mars Acquisition Corp., a company navigating a significant business transformation, has amended their Business Combination Agreement to adjust the merger consideration to $110 million, with provisions for share conversions upon deal completion. Additionally, Mars has secured a $1 million funding arrangement with Polar Multi-Strategy Master Fund for ScanTech’s working capital expenses, offering stock in exchange for the capital infusion. In another strategic move, Mars has also taken a non-interest bearing loan of $337,500 from an affiliate sponsor that will convert into Mars’ ordinary shares post-business combination, demonstrating confidence in the merger’s success and Mars’ financial strategy.
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